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FL S1070
Bill
AI Summary
- Requires insurers to offer personal lines residential property insurance policies with dwelling coverage limits equal to the unpaid principal balance of all mortgage loans on the property, rather than full replacement cost
- Insurers must obtain a signed statement from all insureds before issuing a mortgage-balance-only policy, with a boldfaced notice (minimum 18-point type) warning that a total loss or major damage could result in significant financial losses, including loss of home equity
- Prohibits personal lines residential property insurers from requiring dwelling coverage limits that include the value of the land upon which the dwelling sits
- Effective date is July 1, 2024
Legislative Description
Personal Lines Residential Property Insurance
Last Action
Died in Banking and Insurance
3/8/2024
Full Bill Text
No bill text available