Florida Senate - 2019                                     SB 550
       
       
        
       By Senator Cruz
       
       
       
       
       
       18-00891-19                                            2019550__
    1                        A bill to be entitled                      
    2         An act relating to homeowners’ insurance policies;
    3         amending s. 627.7011, F.S.; providing that homeowners’
    4         insurance policies offering specified flood insurance
    5         coverage may omit a portion of a specified statement
    6         which relates to flood insurance; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (4) of section 627.7011, Florida
   12  Statutes, is amended to read:
   13         627.7011 Homeowners’ policies; offer of replacement cost
   14  coverage and law and ordinance coverage.—
   15         (4)(a) Except as provided under paragraph (c), an insurer
   16  that issues a homeowner’s insurance policy must include with the
   17  policy documents at initial issuance and every renewal in bold
   18  type no smaller than 18 points the following statement:
   19  
   20         “LAW AND ORDINANCE: LAW AND ORDINANCE COVERAGE IS AN
   21         IMPORTANT COVERAGE THAT YOU MAY WISH TO PURCHASE.
   22         PLEASE DISCUSS WITH YOUR INSURANCE AGENT.”
   23  
   24         “FLOOD INSURANCE: YOU MAY ALSO NEED TO CONSIDER THE
   25         PURCHASE OF FLOOD INSURANCE. YOUR HOMEOWNER’S
   26         INSURANCE POLICY DOES NOT INCLUDE COVERAGE FOR DAMAGE
   27         RESULTING FROM FLOOD EVEN IF HURRICANE WINDS AND RAIN
   28         CAUSED THE FLOOD TO OCCUR. WITHOUT SEPARATE FLOOD
   29         INSURANCE COVERAGE, YOU MAY HAVE UNCOVERED LOSSES
   30         CAUSED BY FLOOD. PLEASE DISCUSS THE NEED TO PURCHASE
   31         SEPARATE FLOOD INSURANCE COVERAGE WITH YOUR INSURANCE
   32         AGENT.”
   33  
   34         (b) The intent of this subsection is to encourage
   35  policyholders to purchase sufficient coverage to protect
   36  themselves them in case events excluded from the standard
   37  homeowner’s homeowners policy, such as law and ordinance
   38  enforcement and flood, combine with covered events to produce
   39  damage or loss to the insured property. The intent is also to
   40  encourage policyholders to discuss these issues with their
   41  insurance agent.
   42         (c) A homeowner’s insurance policy offering flood insurance
   43  coverage that equals or exceeds the flood insurance coverage
   44  offered by the National Flood Insurance Program may omit the
   45  flood insurance portion of the statement under paragraph (a).
   46         Section 2. This act shall take effect July 1, 2019.