September 19, 2020
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946287
 (LATE FILED)Amendment
Bill No. 1937
Amendment No. 946287
CHAMBER ACTION
Senate House
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1Representative(s) Ross offered the following:
2
3     Substitute Amendment for Amendment (511229) (with title
4amendment)
5     Between lines 918 and 919 insert:
6     Section 8.  Subsection (3) of section 627.7011, Florida
7Statutes, is renumbered as subsection (4), and a new subsection
8(3) is added to said section, to read:
9     627.7011  Homeowners' policies; offer of replacement cost
10coverage and law and ordinance coverage.--
11     (3)  In the event of a covered loss to the dwelling, the
12insurer shall pay no less than the actual cash value of the
13damaged part of the dwelling at the time of the loss, subject to
14the limits of coverage and terms contained in the policy. Once
15the dwelling is repaired or replaced, the insurer shall pay the
16remainder of the repair or replacement costs, subject to limits
17of coverage and terms contained in the policy. The insurer is
18not required to pay more than the actual cost to repair or
19replace the dwelling.
20     (4)(3)  Nothing in this section shall be construed to apply
21to policies not considered to be "homeowners' policies," as that
22term is commonly understood in the insurance industry. This
23section specifically does not apply to mobile home policies.
24Nothing in this section shall be construed as limiting the
25ability of any insurer to reject or nonrenew any insured or
26applicant on the grounds that the structure does not meet
27underwriting criteria applicable to replacement cost or law and
28ordinance policies or for other lawful reasons.
29
30================ T I T L E  A M E N D M E N T =============
31     Remove line 48 and insert:
32disapproval of certain forms; amending s. 627.7011, F.S.;
33specifying payment requirements for insurers for covered
34losses to a dwelling; limiting payment to actual cost to
35repair or replace the dwelling; amending s. 627.7015,
36F.S.;


CODING: Words stricken are deletions; words underlined are additions.
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