Bill Text: FL S0792 | 2013 | Regular Session | Introduced

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Bill Title: Property Insurance Coverage

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-05-03 - Died in Banking and Insurance [S0792 Detail]

Download: Florida-2013-S0792-Introduced.html

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       Florida Senate - 2013                                     SB 792
       
       
       
       By Senator Legg
       
       
       
       
       17-00690A-13                                           2013792__
    1                        A bill to be entitled                      
    2         An act relating to property insurance coverage;
    3         amending s. 627.707, F.S.; providing that an insurer
    4         may not nonrenew a property insurance policy if it
    5         paid the limits for sinkhole damage and the
    6         policyholder made the repairs and paid for any
    7         additional costs; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (7) of section 627.707, Florida
   12  Statutes, is amended to read:
   13         627.707 Investigation of sinkhole claims; insurer payment;
   14  nonrenewals.—Upon receipt of a claim for a sinkhole loss to a
   15  covered building, an insurer must meet the following standards
   16  in investigating a claim:
   17         (7) An insurer, including Citizens Property Insurance
   18  Corporation, may not nonrenew any policy of property insurance
   19  on the basis of filing of claims for sinkhole loss if the total
   20  of such payments for such loss does not equal or exceed the
   21  policy limits of coverage for the policy in effect on the date
   22  of loss, for property damage to the covered building, as set
   23  forth on the declarations page, or if the policyholder repaired
   24  the structure in accordance with the engineering recommendations
   25  made pursuant to subsection (2) upon which any payment or policy
   26  proceeds were based, even if the costs of such repairs exceeded
   27  the limits of the policy and the policyholder was responsible
   28  for and paid the difference between the policy limits paid and
   29  the cost of repairs. If the insurer pays such limits, and the
   30  policyholder fails to make the repairs, it may nonrenew the
   31  policy.
   32         Section 2. This act shall take effect upon becoming a law.