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FL H0809
Bill
Status
Failed
3/8/2024
Primary Sponsor
Alina Garcia
Click for details
AI Summary
- Insurers must offer a personal lines residential property insurance policy with a dwelling coverage limit equal to the unpaid principal balance of all mortgage loans on the property before issuing any policy
- Insurers issuing a mortgage-balance-only policy must obtain a signed statement from all insureds acknowledging that a total loss or repair costs exceeding the mortgage balance would result in significant financial losses, including potential loss of home equity
- The required disclosure statement must be printed in boldfaced type no smaller than 18-point font
- Personal lines residential property insurers are prohibited from requiring a dwelling coverage limit that includes the value of the land upon which the dwelling sits as a condition of issuing coverage
- Creates s. 627.70122, Florida Statutes, with an effective date of July 1, 2024
Legislative Description
Personal Lines Residential Property Insurance
Last Action
Died in Insurance & Banking Subcommittee
3/8/2024
Committee Referrals
Insurance And Banking Subcommittee12/27/2023
Full Bill Text
No bill text available