| 1 | Representative(s) Ross offered the following: |
| 2 |
|
| 3 | Substitute Amendment for Amendment (511229) (with title |
| 4 | amendment) |
| 5 | Between lines 918 and 919 insert: |
| 6 | Section 8. Subsection (3) of section 627.7011, Florida |
| 7 | Statutes, is renumbered as subsection (4), and a new subsection |
| 8 | (3) is added to said section, to read: |
| 9 | 627.7011 Homeowners' policies; offer of replacement cost |
| 10 | coverage and law and ordinance coverage.-- |
| 11 | (3) In the event of a covered loss to the dwelling, the |
| 12 | insurer shall pay no less than the actual cash value of the |
| 13 | damaged part of the dwelling at the time of the loss, subject to |
| 14 | the limits of coverage and terms contained in the policy. Once |
| 15 | the dwelling is repaired or replaced, the insurer shall pay the |
| 16 | remainder of the repair or replacement costs, subject to limits |
| 17 | of coverage and terms contained in the policy. The insurer is |
| 18 | not required to pay more than the actual cost to repair or |
| 19 | replace the dwelling. |
| 20 | (4)(3) Nothing in this section shall be construed to apply |
| 21 | to policies not considered to be "homeowners' policies," as that |
| 22 | term is commonly understood in the insurance industry. This |
| 23 | section specifically does not apply to mobile home policies. |
| 24 | Nothing in this section shall be construed as limiting the |
| 25 | ability of any insurer to reject or nonrenew any insured or |
| 26 | applicant on the grounds that the structure does not meet |
| 27 | underwriting criteria applicable to replacement cost or law and |
| 28 | ordinance policies or for other lawful reasons. |
| 29 |
|
| 30 | ================ T I T L E A M E N D M E N T ============= |
| 31 | Remove line 48 and insert: |
| 32 | disapproval of certain forms; amending s. 627.7011, F.S.; |
| 33 | specifying payment requirements for insurers for covered |
| 34 | losses to a dwelling; limiting payment to actual cost to |
| 35 | repair or replace the dwelling; amending s. 627.7015, |
| 36 | F.S.; |