Bill Text: FL S1494 | 2020 | Regular Session | Introduced

Florida Senate Bill 1494 (Prior Session Legislation)

Introduced

Bill Title: Insurance Coverage for Condominium Unit Owners

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2020-03-14 - Died in Banking and Insurance [S1494 Detail]

Download: Florida-2020-S1494-Introduced.html

       Florida Senate - 2020                                    SB 1494
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-01410-20                                           20201494__
    1                        A bill to be entitled                      
    2         An act relating to insurance coverage for condominium
    3         unit owners; amending s. 627.714, F.S.; prohibiting
    4         residential property insurance policies of condominium
    5         unit owners from providing rights of subrogation
    6         against condominium associations under certain
    7         circumstances; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (4) of section 627.714, Florida
   12  Statutes, is amended to read:
   13         627.714 Residential condominium unit owner coverage; loss
   14  assessment coverage required.—
   15         (4) Every individual unit owner’s residential property
   16  policy must contain a provision stating that the coverage
   17  afforded by such policy is excess coverage over the amount
   18  recoverable under any other policy covering the same property.
   19  If a condominium association’s insurance policy for the
   20  association does not provide rights of subrogation against the
   21  unit owners in the association, an individual unit owner’s
   22  residential property insurance policy may not provide rights of
   23  subrogation against the condominium association.
   24         Section 2. This act shall take effect July 1, 2020.