Florida Senate - 2025                                    SB 1746
       
       
        
       By Senator Polsky
       
       
       
       
       
       30-01584-25                                           20251746__
    1                        A bill to be entitled                      
    2         An act relating to property insurance policies;
    3         amending s. 627.7011, F.S.; specifying that certain
    4         provisions relating to homeowners’ policies, offers of
    5         replacement cost coverage, and offers of law and
    6         ordinance coverage do not prohibit insurers from
    7         providing specified property insurance policies by
    8         including roof covering reimbursement schedules;
    9         providing requirements for roof covering reimbursement
   10         schedules; prohibiting application of a roof covering
   11         reimbursement schedule under certain circumstances;
   12         specifying that certain provisions relating to
   13         homeowners’ policies, offers of replacement cost
   14         coverage, and offers of law and ordinance coverage do
   15         not prohibit insurers from providing specified
   16         property insurance policies by offering roof
   17         reimbursement on the basis of replacement costs;
   18         specifying that certain provisions relating to
   19         homeowners’ policies, offers of replacement cost
   20         coverage, and offers of law and ordinance coverage do
   21         not prohibit insurers from providing coverage on
   22         specified property insurance policies for a roof that
   23         is limited to a certain value; providing that a stated
   24         value sublimit of coverage may not be applied to a
   25         roof in certain circumstances; providing an effective
   26         date.
   27          
   28  Be It Enacted by the Legislature of the State of Florida:
   29  
   30         Section 1. Paragraphs (f), (g), and (h) are added to
   31  subsection (6) of section 627.7011, Florida Statutes, to read:
   32         627.7011 Homeowners’ policies; offer of replacement cost
   33  coverage and law and ordinance coverage.—
   34         (6) This section does not:
   35         (f) Prohibit an insurer, notwithstanding paragraph (1)(a),
   36  from providing limited coverage on a personal lines residential
   37  property insurance policy by including a roof covering
   38  reimbursement schedule. If included in the policy, a roof
   39  covering reimbursement schedule must do all of the following:
   40         1.Provide reimbursement for repair, replacement, and
   41  installation based on the annual age of a roof covering.
   42         2.Provide full replacement coverage for any roof covering
   43  less than 10 years old.
   44         3.Unless otherwise demonstrated to the office to be
   45  actuarially justified, provide for reimbursement amounts of no
   46  less than:
   47         a.Seventy percent for a metal roof type.
   48         b.Forty percent for a concrete tile and clay tile roof
   49  type.
   50         c.Forty percent for a wood shake and wood shingle roof
   51  type.
   52         d.Twenty-five percent for all other roof types.
   53         4.Include at the top of the schedule, in bold type no
   54  smaller than 12 points, the following statement:
   55  
   56         PLEASE DISCUSS WITH YOUR INSURANCE AGENT. YOU ARE
   57         ELECTING TO PURCHASE COVERAGE ON YOUR ROOF ACCORDING
   58         TO A ROOF COVERING REIMBURSEMENT SCHEDULE. IF YOUR
   59         ROOF IS DAMAGED BY A COVERED PERIL, YOU WILL RECEIVE A
   60         PAYMENT AMOUNT FOR YOUR ROOF ACCORDING TO THE SCHEDULE
   61         BELOW. BE ADVISED THAT THIS MAY RESULT IN YOU HAVING
   62         TO PAY SIGNIFICANT COSTS TO REPAIR OR REPLACE YOUR
   63         ROOF. PLEASE DISCUSS WITH YOUR INSURANCE AGENT.
   64  
   65         5.Allow for actuarially sound methods of s. 627.062 to
   66  apply.
   67         6.Be approved by the office.
   68         7.Be provided to the insured with the policy documents at
   69  issuance and renewal.
   70  
   71  A roof covering reimbursement schedule may not be applied to a
   72  roof if there is a total loss to a primary structure in
   73  accordance with the valued policy law under s. 627.702 which is
   74  caused by a covered peril.
   75         (g)Prohibit an insurer that provides roof reimbursement on
   76  the basis of a roof covering reimbursement schedule from also
   77  offering roof reimbursement on the basis of replacement costs.
   78         (h)Prohibit an insurer, notwithstanding paragraph (1)(a),
   79  from providing coverage on a personal lines residential property
   80  insurance policy by limiting coverage for a roof to a stated
   81  value sublimit of coverage. A stated value sublimit of coverage
   82  may not be applied to a roof if there is a total loss to the
   83  primary structure in accordance with the valued policy law under
   84  s. 627.702 which is caused by a covered peril.
   85         Section 2. This act shall take effect July 1, 2025.