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FL S1386
Bill
AI Summary
- Prohibits insurers writing private passenger automobile insurance in Florida from writing new auto policies after July 1, 2015 unless they increase homeowners' policies in force by at least 10 percent over the previous calendar year
- Applies only to insurers whose auto insurance market share exceeds 200 percent of their homeowners' insurance market share, and does not apply to insurers that do not write homeowners' insurance in Florida or any other state
- Authorizes insurers to offer homeowners' insurance policies limited to the amount of outstanding mortgages on the covered property
- Prohibits such limited homeowners' policies from including provisions that penalize policyholders for not insuring property up to replacement cost
- Requires policies with coverage limits below full replacement cost to include a mandatory disclosure statement warning about high out-of-pocket expenses and potential loss of property equity
Legislative Description
Insurers
Last Action
Died in Banking and Insurance
5/2/2014
Committee Referrals
Banking and Insurance3/4/2014
Full Bill Text
No bill text available