Florida Senate - 2022 COMMITTEE AMENDMENT Bill No. SB 2-A Ì574674GÎ574674 LEGISLATIVE ACTION Senate . House Comm: UNFAV . 12/12/2022 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Powell) recommended the following: 1 Senate Amendment (with title amendment) 2 3 4 Delete lines 2418 - 2421 5 and insert: 6 Section 14. Paragraph (c) is added to subsection (1) of 7 section 627.7011, Florida Statutes, and paragraph (b) of 8 subsection (4) of that section is amended, to read: 9 627.7011 Homeowners’ policies; offer of replacement cost 10 coverage and law and ordinance coverage.— 11 (1) Prior to issuing a homeowner’s insurance policy, the 12 insurer must offer each of the following: 13 (c) If a homeowner’s insurance policy provides an option 14 with limited coverage, a premium for such reduced coverage which 15 includes a substantial, actuarially sound premium discount or 16 credit for the impact of the reduced coverage. 17 18 An insurer is not required to make the offers required by this 19 subsection with respect to the issuance or renewal of a 20 homeowner’s policy that contains the provisions specified in 21 paragraph (b) for law and ordinance coverage limited to 25 22 percent of the dwelling limit, except that the insurer must 23 offer the law and ordinance coverage limited to 50 percent of 24 the dwelling limit. This subsection does not prohibit the offer 25 of a guaranteed replacement cost policy. 26 27 ================= T I T L E A M E N D M E N T ================ 28 And the title is amended as follows: 29 Delete line 102 30 and insert: 31 policies; amending s. 627.7011, F.S.; requiring that 32 insurers issuing homeowners’ policies with limited 33 coverage options to offer a premium including a 34 substantial, actuarially sound premium discount or 35 credit for the impact of the reduced coverage; 36 revising