Florida Senate - 2018                                    SB 1282
       
       
        
       By Senator Taddeo
       
       
       
       
       
       40-01437-18                                           20181282__
    1                        A bill to be entitled                      
    2         An act relating to residential property insurance;
    3         amending s. 627.7011, F.S.; revising a mandatory
    4         homeowner’s insurance policy disclosure regarding the
    5         absence of flood insurance coverage; requiring the
    6         homeowner to place his or her initials on a specified
    7         acknowledgment; providing applicability; providing an
    8         effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (4) of section 627.7011, Florida
   13  Statutes, is amended to read:
   14         627.7011 Homeowners’ policies; offer of replacement cost
   15  coverage and law and ordinance coverage.—
   16         (4) A homeowner’s insurance policy must include in bold
   17  type no smaller than 18 points the following statement, and the
   18  homeowner must place his or her initials in the space indicated:
   19  
   20         “LAW AND ORDINANCE COVERAGE IS AN IMPORTANT COVERAGE
   21         THAT YOU MAY WISH TO PURCHASE. YOU MAY ALSO NEED TO
   22         CONSIDER THE PURCHASE OF FLOOD INSURANCE FROM THE
   23         NATIONAL FLOOD INSURANCE PROGRAM. HURRICANE INSURANCE
   24         DOES NOT INCLUDE FLOOD INSURANCE. WITHOUT THIS
   25         COVERAGE, YOU MAY HAVE UNCOVERED LOSSES. PLEASE
   26         DISCUSS THESE COVERAGES WITH YOUR INSURANCE AGENT.
   27  
   28         ...(insert initials)...I UNDERSTAND THAT IF I PURCHASE
   29         HURRICANE INSURANCE, IT DOES NOT INCLUDE FLOOD
   30         INSURANCE.”
   31  
   32  The intent of this subsection is to encourage policyholders to
   33  purchase sufficient coverage to protect them in case events
   34  excluded from the standard homeowners policy, such as law and
   35  ordinance enforcement and flood, combine with covered events to
   36  produce damage or loss to the insured property. The intent is
   37  also to encourage policyholders to discuss these issues with
   38  their insurance agent.
   39         Section 2. The amendment made by this act to s. 627.7011,
   40  Florida Statutes, applies to policies issued or renewed on or
   41  after July 1, 2018.
   42         Section 3. This act shall take effect July 1, 2018.