Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for CS for SB 1864, 1st Eng.
Barcode 292380
CHAMBER ACTION
Senate House
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05/02/2007 03:13 PM .
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11 Senator Fasano moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 22, between lines 11 and 12,
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16 insert:
17 Section 6. Section 627.7021, Florida Statutes, is
18 created to read:
19 627.7021 Adjustment of valued policy limit.--
20 (1) Within 30 days after the issuance of an insurance
21 policy covering residential property, if the policyholder
22 disagrees with the insured value on the limits of coverage
23 provided in "Coverage A" in the policy, the policyholder may
24 notify the insurer in writing of the disagreement. Within 30
25 days after delivering the written notice, the policyholder
26 shall provide the insurer with an appraisal of the insured
27 property from a licensed or certified real estate appraiser as
28 defined in chapter 475. If the appraised value amount differs
29 from the insured value amount by more than 5 percent, the
30 insurer must, within 30 days after receipt of the appraisal:
31 (a) Issue a modification to the policy using the
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12:59 PM 05/02/07 s1864e1c-11-t11
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for CS for SB 1864, 1st Eng.
Barcode 292380
1 appraised value as the revised insured value in the policy;
2 (b) Adjust the premium appropriately; and
3 (c) Do one of the following:
4 1. Provide the policyholder with a credit on the
5 adjusted premium if the premium is increased due to an
6 increase in the insured value amount together with
7 reimbursement of any remaining portion of the cost of the
8 appraisal, not to exceed $400, including the credit in total;
9 or
10 2. Reimburse the total cost of the appraisal together
11 with any amount due to the policyholder because of a reduction
12 in the premium if the premium is reduced due to a reduction in
13 the stated value.
14 (2) This section applies only to policies issued or
15 renewed on or after March 1, 2007.
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17 (Redesignate subsequent sections.)
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20 ================ T I T L E A M E N D M E N T ===============
21 And the title is amended as follows:
22 On page 3, line 24, after the semicolon,
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24 insert:
25 creating s. 627.7021, F.S.; authorizing a
26 property owner to challenge the insured value
27 of the property as stated in the policy's
28 limits of coverage within 30 days after
29 issuance of the policy; requiring that a
30 policyholder obtain an appraisal of the
31 property when making such a challenge;
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12:59 PM 05/02/07 s1864e1c-11-t11
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for CS for SB 1864, 1st Eng.
Barcode 292380
1 requiring that the insurer adjust the premium
2 and provide a credit or reimbursement if the
3 appraised value differs from the insured value
4 by more than a specified percent;
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