Bill Text: FL S0354 | 2015 | Regular Session | Introduced
Bill Title: Windstorm Insurance Coverage
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2015-05-01 - Died in Banking and Insurance [S0354 Detail]
Download: Florida-2015-S0354-Introduced.html
Florida Senate - 2015 SB 354 By Senator Bullard 39-00173-15 2015354__ 1 A bill to be entitled 2 An act relating to windstorm insurance coverage; 3 amending s. 627.712, F.S.; deleting the requirement 4 that a mortgageholder or lienholder approve a 5 policyholder’s decision to exclude windstorm or 6 hurricane coverage from a property insurance policy; 7 making technical changes; providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1. Section 627.712, Florida Statutes, is amended to 12 read: 13 627.712 Residential windstorm coveragerequired; 14 availability of exclusions for windstorm or contents.— 15 (1) An insurer issuing a residential property insurance 16 policy must provide windstorm coverage. Except as provided in 17 paragraph (2)(b)(2)(c), this section does not apply to risks 18 that are eligible for wind-only coverage from Citizens Property 19 Insurance Corporation under s. 627.351(6), and risks that are 20 not eligible for coverage from Citizens Property Insurance 21 Corporation under s. 627.351(6)(a)3. or 5. A risk ineligible for 22 coverage by the corporation under s. 627.351(6)(a)3. or 5. is 23 exempt from this section only if the risk is located within the 24 boundaries of the coastal account of the corporation. 25 (2) A property insurer must make available, at the option 26 of the policyholder, an exclusion of windstorm coverage. 27 (a) The coverage may be excluded only if the policyholder: 28 1.Whenthe policyholderIs a natural person who, the29policyholderpersonally writes andprovides to the insurer the 30 following statement, which must be in the policyholder’shis or31herown handwriting andsigns his or her name, whichmust also32besigned and dated by him or her and every other named insured 33 on the policy, and dated: “I do not want the insurance on my 34 (home/mobile home/condominium unit) to pay for damage from 35 windstorms. I will pay those costs. My insurance will not.” 36 2.Whenthe policyholderIs other than a natural person 37 which, the policyholderprovides to the insurer on the 38 policyholder’s letterhead the following statement, whichthat39 must be signed and dated by the policyholder’s authorized 40 representativeand dated: “...(Name of entity)... does not want 41 the insurance on its ...(type of structure)... to pay for damage 42 from windstorms. ...(Name of entity)... will be responsible for 43 these costs. ...(Name of entity’s)... insurance will not.” 44 (b)If the structure insured by the policy is subject to a45mortgage or lien, the policyholder must provide the insurer with46a written statement from the mortgageholder or lienholder47indicating that the mortgageholder or lienholder approves the48policyholder electing to exclude windstorm coverage or hurricane49coverage from his or her or its property insurance policy.50(c)An insurer nonrenewing a policy and issuing a 51 replacement policy, or issuing a new policy, whichthatdoes not 52 provide wind coverage mustshallprovide a notice to the 53 mortgageholder or lienholder indicating the policyholder has 54 elected coverage that does not cover wind. 55 (3) An insurer issuing a residential property insurance 56 policy, except for a condominium unit owner policy or a tenant 57 policy, must make available, at the option of the policyholder, 58 an exclusion of coverage for the contents. The coverage may be 59 excluded only if the policyholderpersonally writes andprovides 60 to the insurer the following statement, which must be in the 61 policyholder’shis or herown handwriting andsigns his or her62signature, which must also besigned and dated by him or her and 63 every other named insured on the policy, and dated: “I do not 64 want the insurance on my (home/mobile home) to pay for the costs 65 to repair or replace any contents that are damaged. I will pay 66 those costs. My insurance will not.” 67 (4) An insurer shall keep the original copy of a signed 68 statement required by this section, electronically or otherwise, 69 and provide a copy to the policyholder providing the signed 70 statement. A signed statement meeting the requirements of this 71 section creates a presumption that there was an informed, 72 knowing rejection of coverage. 73 (5) The exclusions authorized by this section apply for the 74 term of the policy and for each renewal thereafter. Changes to 75 the exclusions authorized by this section may be implemented 76 only as of the date of renewal. 77 (6) The commission shall adopt rules providing appropriate 78 alternative methods for providing the statements required by 79 this section for policyholders who have a handicapping or 80 disabling condition that prevents them from providing a 81 handwritten statement. 82 Section 2. This act shall take effect July 1, 2015.