Florida Senate - 2015                          SENATOR AMENDMENT
       Bill No. CS for SB 678
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Floor: WD/3R          .                                
             04/27/2015 03:42 PM       .                                

       Senator Brandes moved the following:
    1         Senate Amendment (with title amendment)
    3         Before line 10
    4  insert:
    5         Section 1. Paragraph (a) of subsection (1) of section
    6  627.715, Florida Statutes, is amended to read:
    7         627.715 Flood insurance.—An authorized insurer may issue an
    8  insurance policy, contract, or endorsement providing personal
    9  lines residential coverage for the peril of flood on any
   10  structure or the contents of personal property contained
   11  therein, subject to this section. This section does not apply to
   12  commercial lines residential or commercial lines nonresidential
   13  coverage for the peril of flood. This section also does not
   14  apply to coverage for the peril of flood that is excess coverage
   15  over any other insurance covering the peril of flood. An insurer
   16  may issue flood insurance policies, contracts, or endorsements
   17  on a standard, preferred, customized, flexible, or supplemental
   18  basis.
   19         (1)(a)1. Standard flood insurance must cover only losses
   20  from the peril of flood, as defined in paragraph (b), equivalent
   21  to that provided under a standard flood insurance policy under
   22  the National Flood Insurance Program. Standard flood insurance
   23  issued under this section must provide the same coverage,
   24  including deductibles and adjustment of losses, as that provided
   25  under a standard flood insurance policy under the National Flood
   26  Insurance Program.
   27         2. Preferred flood insurance must include the same coverage
   28  as standard flood insurance but:
   29         a. Include, within the definition of “flood,” losses from
   30  water intrusion originating from outside the structure that are
   31  not otherwise covered under the definition of “flood” provided
   32  in paragraph (b).
   33         b. Include coverage for additional living expenses.
   34         c. Require that any loss under personal property or
   35  contents coverage that is repaired or replaced be adjusted only
   36  on the basis of replacement costs up to the policy limits.
   37         3. Customized flood insurance must include coverage that is
   38  broader than the coverage provided under standard flood
   39  insurance.
   40         4. Flexible flood insurance must cover losses from the
   41  peril of flood, as defined in paragraph (b), and may also
   42  include coverage for losses from water intrusion originating
   43  from outside the structure which is not otherwise covered by the
   44  definition of flood. Flexible flood insurance must include one
   45  or more of the following provisions:
   46         a. An agreement between the insurer and the insured that
   47  the flood coverage is in a specified amount, such as coverage
   48  that is limited to the total amount of each outstanding mortgage
   49  applicable to the covered property.
   50         b. A requirement for a deductible in an amount authorized
   51  under s. 627.701, including a deductible in an amount authorized
   52  for hurricanes.
   53         c. A requirement that flood loss to a dwelling be adjusted
   54  in accordance with s. 627.7011(3) or adjusted only on the basis
   55  of the actual cash value of the property.
   56         d. A restriction limiting flood coverage to the principal
   57  building defined in the policy.
   58         e. A provision including or excluding coverage for
   59  additional living expenses.
   60         f. A provision excluding coverage for personal property or
   61  contents as to the peril of flood.
   62         5.4. Supplemental flood insurance may provide coverage
   63  designed to supplement a flood policy obtained from the National
   64  Flood Insurance Program or from an insurer issuing standard or
   65  preferred flood insurance pursuant to this section. Supplemental
   66  flood insurance may provide, but need not be limited to,
   67  coverage for jewelry, art, deductibles, and additional living
   68  expenses. Supplemental flood insurance does not include coverage
   69  for the peril of flood that is excess coverage over any other
   70  insurance covering the peril of flood.
   72  ================= T I T L E  A M E N D M E N T ================
   73  And the title is amended as follows:
   74         Delete line 2
   75  and insert:
   76         An act relating to insurance; amending s. 627.715,
   77         F.S.; authorizing flexible flood insurance; specifying
   78         coverage requirements; deleting a provision that
   79         prohibits supplemental flood insurance from including
   80         excess coverage over any other insurance covering the
   81         peril of flood; amending s.