1 | Representative(s) Johnson offered the following: |
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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. |
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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.; |