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FL S1746
Bill
AI Summary
- Allows insurers to include roof covering reimbursement schedules in personal lines residential property insurance policies, with reimbursement amounts based on the annual age of the roof covering
- Requires full replacement coverage for any roof covering less than 10 years old; for older roofs, sets minimum reimbursement floors of 70% for metal roofs, 40% for concrete/clay tile and wood shake/shingle roofs, and 25% for all other roof types, unless different amounts are actuarially justified
- Mandates a prominent consumer disclosure in bold 12-point type warning policyholders they may face significant out-of-pocket costs to repair or replace their roof under the schedule
- Permits insurers to limit roof coverage to a stated value sublimit, but prohibits applying either the reimbursement schedule or the sublimit when there is a total loss to the primary structure under Florida's valued policy law
- Requires roof covering reimbursement schedules to be approved by the Office of Insurance Regulation and provided to the insured at policy issuance and renewal; effective date is July 1, 2025
Legislative Description
Property Insurance Policies
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available