Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 2-A
       
       
       
       
       
       
                                Ì574674GÎ574674                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  12/12/2022           .                                
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       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