Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. CS for SB 418
       
       
       
       
       
       
                                Ì827648RÎ827648                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/07/2023           .                                
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       The Committee on Military and Veterans Affairs, Space, and
       Domestic Security (Perry) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 161 - 188
    4  and insert:
    5         Section 6. Paragraph (d) of subsection (3) of section
    6  627.701, Florida Statutes, is amended, and paragraph (a) of that
    7  subsection is republished, to read:
    8         627.701 Liability of insureds; coinsurance; deductibles.—
    9         (3)(a) Except as otherwise provided in this subsection,
   10  prior to issuing a personal lines residential property insurance
   11  policy, the insurer must offer alternative deductible amounts
   12  applicable to hurricane losses equal to $500, 2 percent, 5
   13  percent, and 10 percent of the policy dwelling limits, unless
   14  the specific percentage deductible is less than $500. The
   15  written notice of the offer shall specify the hurricane
   16  deductible to be applied in the event that the applicant or
   17  policyholder fails to affirmatively choose a hurricane
   18  deductible. The insurer must provide such policyholder with
   19  notice of the availability of the deductible amounts specified
   20  in this subsection in a form approved by the office in
   21  conjunction with each renewal of the policy. The failure to
   22  provide such notice constitutes a violation of this code but
   23  does not affect the coverage provided under the policy.
   24         (d) For the following policies, the following alternative
   25  deductible amounts are authorized:
   26         1. With respect to a policy covering a risk with dwelling
   27  limits of $250,000 or more, but less than $1 million, the
   28  insurer need not offer the $500 hurricane deductible as required
   29  by paragraph (a), but must, except as otherwise provided in this
   30  subsection, offer the other hurricane deductibles as required by
   31  paragraph (a).
   32         2. With respect to a policy covering a risk with dwelling
   33  limits of $1 million or more, but less than $3 million, the
   34  insurer may, in lieu of offering the 2 percent deductible as
   35  required by paragraph (a), offer a deductible amount applicable
   36  to hurricane losses equal to 3 percent of the policy dwelling
   37  limits.
   38         3. With respect to a policy covering a risk with dwelling
   39  limits of $3 million or more, the insurer need not offer the
   40  $500 or 2 percent deductibles as required by paragraph (a), but
   41  must, except as otherwise provided by this subsection, offer the
   42  other hurricane deductibles as required by paragraph (a).
   43  
   44  ================= T I T L E  A M E N D M E N T ================
   45  And the title is amended as follows:
   46         Delete lines 25 - 29
   47  and insert:
   48         revising and specifying alternative hurricane
   49         deductible amounts for personal lines residential
   50         property insurance policies covering risks with
   51         specified dwelling limits; amending s. 627.712,