Florida Senate - 2023                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 594
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       Senator Martin moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 218 and 219
    4  insert:
    5         Section 4. Paragraph (j) of subsection (2) of section
    6  627.062, Florida Statutes, is amended to read:
    7         627.062 Rate standards.—
    8         (2) As to all such classes of insurance:
    9         (j) With respect to residential property insurance rate
   10  filings, the rate filing must account for mitigation measures
   11  undertaken by policyholders to reduce hurricane losses and
   12  windstorm losses.
   13  
   14  The provisions of this subsection do not apply to workers’
   15  compensation, employer’s liability insurance, and motor vehicle
   16  insurance.
   17         Section 5. Effective October 1, 2023, section 627.7155,
   18  Florida Statutes, is created to read:
   19         627.7155 Wind and flood coverage in residential and
   20  commercial property insurance policies.—For residential and
   21  commercial property insurance policies issued or renewed on or
   22  after October 1, 2023:
   23         (1) If a residential or commercial property insurer
   24  requires that an insured or applicant have coverage for the
   25  peril of flood when the insurer issues a policy covering the
   26  peril of wind, the insurer must verify that the insured or
   27  applicant has coverage for the peril of flood at the time the
   28  policy is issued or renewed. If the insurer fails to verify that
   29  the insured or applicant has coverage for the peril of flood,
   30  the insurer may not issue or renew a policy containing coverage
   31  for the peril of wind. Before issuance of coverage for the peril
   32  of wind under this subsection and upon verification of coverage
   33  for the peril of flood, the insurer must obtain a written
   34  acknowledgment from the insured or applicant that the insured or
   35  applicant understands that the policy covering the peril of wind
   36  requires that coverage for the peril of flood must be maintained
   37  by the insured or applicant.
   38         (2) In addition to coverage for the peril of flood directly
   39  secured by the insured or applicant, a master flood policy that
   40  is issued to someone other than the insured or applicant and
   41  that includes the insured or applicant as an intended or third
   42  party beneficiary under the master flood policy is acceptable
   43  proof of coverage for the peril of flood for the purposes of
   44  this section.
   45  
   46  ================= T I T L E  A M E N D M E N T ================
   47  And the title is amended as follows:
   48         Between lines 29 and 30
   49  insert:
   50         amending s. 627.062, F.S.; requiring residential
   51         property insurance rate filings to account for
   52         windstorm mitigation measures undertaken by
   53         policyholders; creating s. 627.7155, F.S.; requiring
   54         property insurers to verify coverage for the peril of
   55         flood in certain circumstances; prohibiting issuance
   56         of coverage for the peril of wind in certain
   57         circumstances; requiring an acknowledgement;
   58         specifying a type of acceptable proof of coverage;