| 1 | Representative(s) Johnson offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 918 and 919 insert: |
| 5 | Section 8. Subsection (3) of section 627.7011, Florida |
| 6 | Statutes, is renumbered as subsection (4), and a new subsection |
| 7 | (3) is added to said section, to read: |
| 8 | 627.7011 Homeowners' policies; offer of replacement cost |
| 9 | coverage and law and ordinance coverage.-- |
| 10 | (3) In the event of a loss for which a dwelling or |
| 11 | personal property is insured on the basis of replacement costs, |
| 12 | the insurer shall pay the replacement cost without reservation |
| 13 | or holdback of any depreciation in value, whether or not the |
| 14 | insured replaces or repairs the dwelling or property. |
| 15 | (4)(3) Nothing in this section shall be construed to apply |
| 16 | to policies not considered to be "homeowners' policies," as that |
| 17 | term is commonly understood in the insurance industry. This |
| 18 | section specifically does not apply to mobile home policies. |
| 19 | Nothing in this section shall be construed as limiting the |
| 20 | ability of any insurer to reject or nonrenew any insured or |
| 21 | applicant on the grounds that the structure does not meet |
| 22 | underwriting criteria applicable to replacement cost or law and |
| 23 | ordinance policies or for other lawful reasons. |
| 24 |
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| 25 | ================ T I T L E A M E N D M E N T ============= |
| 26 | Remove line 48 and insert: |
| 27 | disapproval of certain forms; amending s. 627.7011, F.S.; |
| 28 | requiring an insurer to pay replacement costs under |
| 29 | certain circumstances; amending s. 627.7015, F.S.; |