| 1 | A bill to be entitled |
| 2 | An act relating to hurricane property insurance |
| 3 | deductibles; amending s. 627.701, F.S.; limiting |
| 4 | application of hurricane deductible amounts in a calendar |
| 5 | year; requiring the Florida Hurricane Catastrophe Fund to |
| 6 | develop a deductible loss reimbursement program for |
| 7 | insurance companies; providing an effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Subsection (9) is added to section 627.701, |
| 12 | Florida Statutes, to read: |
| 13 | 627.701 Liability of insureds; coinsurance; deductibles.-- |
| 14 | (9) With respect to residential property insurance |
| 15 | policies, the hurricane deductible amounts set forth in this |
| 16 | section shall apply only once during each calendar year, |
| 17 | regardless of the number of hurricanes that affect the insured |
| 18 | property. The Florida Hurricane Catastrophe Fund shall develop a |
| 19 | program to reimburse insurance companies for losses that result |
| 20 | due to the application of this subsection. |
| 21 | Section 2. This act shall take effect upon becoming a law. |