Florida Senate - 2007 SENATOR AMENDMENT
Bill No. SB 4-A
Barcode 653660
CHAMBER ACTION
Senate House
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01/17/2007 04:45 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 157, between lines 24 and 25,
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16 insert:
17 Section 26. Section 627.705, Florida Statutes, is
18 created to read:
19 627.705 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 in writing, notify the insurer of the disagreement. Within 30
25 days after the written notice the policyholder shall provide
26 the insurer with an appraisal of the insured property from a
27 licensed or certified real estate appraiser as defined in
28 chapter 475. If the appraised value amount differs from the
29 insured value amount by more than 5 percent then the insurer
30 shall, within 30 days after receipt of the appraisal:
31 (a) Issue a modification to the policy using the
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10:55 AM 01/17/07 s0004Ac-11-e9b
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. SB 4-A
Barcode 653660
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 $350, including the credit in total;
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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 where the premium is reduced due to a reduction
13 in the stated value.
14 (2) This section applies only to policies issued on 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 9, line 7, after the semicolon,
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24 insert:
25 creating s. 627.705, F.S.; providing a
26 mechanism for a residential insurance
27 policyholder to challenge the insured value;
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