Florida Senate - 2015 COMMITTEE AMENDMENT
Bill No. SB 1094
Senate . House
Comm: RCS .
The Committee on Banking and Insurance (Lee) recommended the
1 Senate Amendment (with title amendment)
3 Delete lines 128 - 150
4 and insert:
5 3. Customized flood insurance must include coverage that is
6 broader than the coverage provided under standard flood
8 4. Flexible flood insurance must cover losses from the
9 peril of flood, as defined in paragraph (b), and may also
10 include coverage for losses from water intrusion originating
11 from outside the structure which is not otherwise covered by the
12 definition of flood. Flexible flood insurance must include one
13 or more of the following provisions:
14 a. An agreement between the insurer and the insured that
15 the flood coverage is in a specified amount, such as coverage
16 that is limited to the total amount of each outstanding mortgage
17 applicable to the covered property.
18 b. A requirement for a deductible in an amount authorized
19 under s. 627.701, including a deductible in an amount authorized
20 for hurricanes.
21 c. A requirement that flood loss to a dwelling be adjusted
22 in accordance with s. 627.7011(3) or adjusted only on the basis
23 of the actual cash value of the property.
24 d. A restriction limiting flood coverage to the principal
25 building defined in the policy.
26 e. A provision including or excluding coverage for
27 additional living expenses.
28 f. A provision excluding coverage for personal property or
29 contents as to the peril of flood.
31 Flexible flood insurance must be acceptable to the mortgage
32 lender if such policy, contract, or endorsement is intended to
33 satisfy a mortgage requirement.
4. Supplemental flood insurance may provide coverage
37 ================= T I T L E A M E N D M E N T ================
38 And the title is amended as follows:
39 Delete lines 16 - 19
40 and insert:
41 by the division; amending s. 627.715, F.S.;
42 authorizing flexible flood insurance; specifying
43 coverage requirements; requiring such insurance to be
44 acceptable to the mortgage lender if intended to
45 satisfy a mortgage requirement; deleting a provision