FL
Florida House Bill H0625

Florida 2024 Regular Session

Florida House Bill H0625 Compare Versions

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1010 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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1414 A bill to be entitled 1
1515 An act relating to property insurance coverage; 2
16-amending s. 627.351, F.S.; providing that rates 3
17-charged for certain commercial lines residential 4
18-condominium wind-only policies by Citizens Property 5
19-Insurance Corporation are not subject to specified 6
20-rate increases; amending s. 627.7011, F.S.; requiring 7
16+amending s. 627.351, F.S.; removing provisions 3
17+relating to ineligibility of commercial lines 4
18+residential condominiums for wind -only coverage by 5
19+Citizens Property Insurance Corporation under certain 6
20+circumstances; amending s. 627.7011, F.S.; requiring 7
2121 authorized inspectors to use a specified inspection 8
22-form for inspections of residential structure roofs; 9
23-authorizing such inspectors to provide appendices to 10
24-the inspection forms for a specified purpose; creating 11
25-s. 627.70143, F.S.; providing a definition; requiring 12
26-authorized inspectors to use a specified inspection 13
27-form for inspections of commercial structure roo fs; 14
28-authorizing such inspectors to provide appendices to 15
29-the inspection forms for a specified purpose; amending 16
30-s. 627.714, F.S.; increasing property loss assessment 17
31-coverages under condominium unit owners' residential 18
32-property policies; providing an effec tive date. 19
33- 20
34-Be It Enacted by the Legislature of the State of Florida: 21
35- 22
36- Section 1. Paragraph (a) of subsection (6) of section 23
37-627.351, Florida Statutes, is amended, and paragraph (n) of 24
38-subsection (6) of that section is republished, to read: 25
22+form for roof inspections; authorizing such in spectors 9
23+to provide appendices to the inspection forms for a 10
24+specified purpose; amending s. 627.714, F.S.; 11
25+increasing property loss assessment coverages under 12
26+condominium unit owners' residential property 13
27+policies; providing an effective date. 14
28+ 15
29+Be It Enacted by the Legislature of the State of Florida: 16
30+ 17
31+ Section 1. Paragraph (a) of subsection (6) of section 18
32+627.351, Florida Statutes, is amended to read: 19
33+ 627.351 Insurance risk apportionment plans. — 20
34+ (6) CITIZENS PROPERTY INSURANCE CORPORATION. — 21
35+ (a) The public purpose of this subsection is to ensure 22
36+that there is an orderly market for property insurance for 23
37+residents and businesses of this state. 24
38+ 1. The Legislature finds that private insurers are 25
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4747 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51- 627.351 Insurance risk apportionment plans. — 26
52- (6) CITIZENS PROPERTY INSURANCE CORPORATION. — 27
53- (a) The public purpose of this subsection is to ensure 28
54-that there is an orderly market for property insurance for 29
55-residents and businesses of this state. 30
56- 1. The Legislature finds that private insurers are 31
57-unwilling or unable to provide affordable property insurance 32
58-coverage in this state to the extent sought and needed. The 33
59-absence of affordable property insurance threatens the public 34
60-health, safety, and welfare and likewise threatens the economic 35
61-health of the state. The state therefore has a compelling public 36
62-interest and a public purpose to assist in assuring that 37
63-property in the state is insured and that it is insured at 38
64-affordable rates so as to facilitate the re mediation, 39
65-reconstruction, and replacement of damaged or destroyed property 40
66-in order to reduce or avoid the negative effects otherwise 41
67-resulting to the public health, safety, and welfare, to the 42
68-economy of the state, and to the revenues of the state and lo cal 43
69-governments which are needed to provide for the public welfare. 44
70-It is necessary, therefore, to provide affordable property 45
71-insurance to applicants who are in good faith entitled to 46
72-procure insurance through the voluntary market but are unable to 47
73-do so. The Legislature intends, therefore, that affordable 48
74-property insurance be provided and that it continue to be 49
75-provided, as long as necessary, through Citizens Property 50
51+unwilling or unable to provide affordable property insurance 26
52+coverage in this state to the extent sought and needed. The 27
53+absence of affordable property insurance threatens the public 28
54+health, safety, and welfare and likewise threatens the economic 29
55+health of the state. The state therefore has a compelling pu blic 30
56+interest and a public purpose to assist in assuring that 31
57+property in the state is insured and that it is insured at 32
58+affordable rates so as to facilitate the remediation, 33
59+reconstruction, and replacement of damaged or destroyed property 34
60+in order to reduce or avoid the negative effects otherwise 35
61+resulting to the public health, safety, and welfare, to the 36
62+economy of the state, and to the revenues of the state and local 37
63+governments which are needed to provide for the public welfare. 38
64+It is necessary, therefo re, to provide affordable property 39
65+insurance to applicants who are in good faith entitled to 40
66+procure insurance through the voluntary market but are unable to 41
67+do so. The Legislature intends, therefore, that affordable 42
68+property insurance be provided and that it continue to be 43
69+provided, as long as necessary, through Citizens Property 44
70+Insurance Corporation, a government entity that is an integral 45
71+part of the state, and that is not a private insurance company. 46
72+To that end, the corporation shall strive to increas e the 47
73+availability of affordable property insurance in this state, 48
74+while achieving efficiencies and economies, and while providing 49
75+service to policyholders, applicants, and agents which is no 50
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8484 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88-Insurance Corporation, a government entity that is an integral 51
89-part of the state, and t hat is not a private insurance company. 52
90-To that end, the corporation shall strive to increase the 53
91-availability of affordable property insurance in this state, 54
92-while achieving efficiencies and economies, and while providing 55
93-service to policyholders, applica nts, and agents which is no 56
94-less than the quality generally provided in the voluntary 57
95-market, for the achievement of the foregoing public purposes. 58
96-Because it is essential for this government entity to have the 59
97-maximum financial resources to pay claims fol lowing a 60
98-catastrophic hurricane, it is the intent of the Legislature that 61
99-the corporation continue to be an integral part of the state and 62
100-that the income of the corporation be exempt from federal income 63
101-taxation and that interest on the debt obligations i ssued by the 64
102-corporation be exempt from federal income taxation. 65
103- 2. The Residential Property and Casualty Joint 66
104-Underwriting Association originally created by this statute 67
105-shall be known as the Citizens Property Insurance Corporation. 68
106-The corporation shall provide insurance for residential and 69
107-commercial property, for applicants who are entitled, but, in 70
108-good faith, are unable to procure insurance through the 71
109-voluntary market. The corporation shall operate pursuant to a 72
110-plan of operation approved by order of the Financial Services 73
111-Commission. The plan is subject to continuous review by the 74
112-commission. The commission may, by order, withdraw approval of 75
88+less than the quality generally provided in the voluntary 51
89+market, for the achievement of the foregoing public purposes. 52
90+Because it is essential for this government entity to have the 53
91+maximum financial resources to pay claims following a 54
92+catastrophic hurricane, it is the intent of the Legislature that 55
93+the corporation continue to be an integral part of the state and 56
94+that the income of the corporation be exempt from federal income 57
95+taxation and that interest on the debt obligations issued by the 58
96+corporation be exempt from federal income taxation. 59
97+ 2. The Residential Proper ty and Casualty Joint 60
98+Underwriting Association originally created by this statute 61
99+shall be known as the Citizens Property Insurance Corporation. 62
100+The corporation shall provide insurance for residential and 63
101+commercial property, for applicants who are entitle d, but, in 64
102+good faith, are unable to procure insurance through the 65
103+voluntary market. The corporation shall operate pursuant to a 66
104+plan of operation approved by order of the Financial Services 67
105+Commission. The plan is subject to continuous review by the 68
106+commission. The commission may, by order, withdraw approval of 69
107+all or part of a plan if the commission determines that 70
108+conditions have changed since approval was granted and that the 71
109+purposes of the plan require changes in the plan. For the 72
110+purposes of this sub section, residential coverage includes both 73
111+personal lines residential coverage, which consists of the type 74
112+of coverage provided by homeowner, mobile home owner, dwelling, 75
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121121 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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125-all or part of a plan if the commission determines that 76
126-conditions have changed since approval was granted and that the 77
127-purposes of the plan require changes in the plan. For the 78
128-purposes of this subsection, residential coverage includes both 79
129-personal lines residential coverage, which consists of the type 80
130-of coverage provided by homeowner, mobile home owner, dw elling, 81
131-tenant, condominium unit owner, and similar policies; and 82
132-commercial lines residential coverage, which consists of the 83
133-type of coverage provided by condominium association, apartment 84
134-building, and similar policies. 85
135- 3. With respect to coverage for personal lines residential 86
136-structures: 87
137- a. Effective January 1, 2014, a structure that has a 88
138-dwelling replacement cost of $1 million or more, or a single 89
139-condominium unit that has a combined dwelling and contents 90
140-replacement cost of $1 million or more, i s not eligible for 91
141-coverage by the corporation. Such dwellings insured by the 92
142-corporation on December 31, 2013, may continue to be covered by 93
143-the corporation until the end of the policy term. The office 94
144-shall approve the method used by the corporation for valuing the 95
145-dwelling replacement cost for the purposes of this subparagraph. 96
146-If a policyholder is insured by the corporation before being 97
147-determined to be ineligible pursuant to this subparagraph and 98
148-such policyholder files a lawsuit challenging the determ ination, 99
149-the policyholder may remain insured by the corporation until the 100
125+tenant, condominium unit owner, and similar policies; and 76
126+commercial lines residenti al coverage, which consists of the 77
127+type of coverage provided by condominium association, apartment 78
128+building, and similar policies. 79
129+ 3. With respect to coverage for personal lines residential 80
130+structures: 81
131+ a. Effective January 1, 2014, a structure that has a 82
132+dwelling replacement cost of $1 million or more, or a single 83
133+condominium unit that has a combined dwelling and contents 84
134+replacement cost of $1 million or more, is not eligible for 85
135+coverage by the corporation. Such dwellings insured by the 86
136+corporation on December 31, 2013, may continue to be covered by 87
137+the corporation until the end of the policy term. The office 88
138+shall approve the method used by the corporation for valuing the 89
139+dwelling replacement cost for the purposes of this subparagraph. 90
140+If a policyholder is insured by the corporation before being 91
141+determined to be ineligible pursuant to this subparagraph and 92
142+such policyholder files a lawsuit challenging the determination, 93
143+the policyholder may remain insured by the corporation until the 94
144+conclusion of the litigation. 95
145+ b. Effective January 1, 2015, a structure that has a 96
146+dwelling replacement cost of $900,000 or more, or a single 97
147+condominium unit that has a combined dwelling and contents 98
148+replacement cost of $900,000 or more, is not eligible for 99
149+coverage by the corporation. Such dwellings insured by the 100
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158158 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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162-conclusion of the litigation. 101
163- b. Effective January 1, 2015, a structure that has a 102
164-dwelling replacement cost of $900,000 or more, or a single 103
165-condominium unit that has a combined d welling and contents 104
166-replacement cost of $900,000 or more, is not eligible for 105
167-coverage by the corporation. Such dwellings insured by the 106
168-corporation on December 31, 2014, may continue to be covered by 107
169-the corporation only until the end of the policy term. 108
170- c. Effective January 1, 2016, a structure that has a 109
171-dwelling replacement cost of $800,000 or more, or a single 110
172-condominium unit that has a combined dwelling and contents 111
173-replacement cost of $800,000 or more, is not eligible for 112
174-coverage by the corporat ion. Such dwellings insured by the 113
175-corporation on December 31, 2015, may continue to be covered by 114
176-the corporation until the end of the policy term. 115
177- d. Effective January 1, 2017, a structure that has a 116
178-dwelling replacement cost of $700,000 or more, or a single 117
179-condominium unit that has a combined dwelling and contents 118
180-replacement cost of $700,000 or more, is not eligible for 119
181-coverage by the corporation. Such dwellings insured by the 120
182-corporation on December 31, 2016, may continue to be covered by 121
183-the corporation until the end of the policy term. 122
184- 123
185-The requirements of sub -subparagraphs b.-d. do not apply in 124
186-counties where the office determines there is not a reasonable 125
162+corporation on December 31, 2014, may continue to be covered by 101
163+the corporation only until the end of the policy term. 102
164+ c. Effective January 1, 2016, a structure that has a 103
165+dwelling replacement cost of $800,00 0 or more, or a single 104
166+condominium unit that has a combined dwelling and contents 105
167+replacement cost of $800,000 or more, is not eligible for 106
168+coverage by the corporation. Such dwellings insured by the 107
169+corporation on December 31, 2015, may continue to be cove red by 108
170+the corporation until the end of the policy term. 109
171+ d. Effective January 1, 2017, a structure that has a 110
172+dwelling replacement cost of $700,000 or more, or a single 111
173+condominium unit that has a combined dwelling and contents 112
174+replacement cost of $700,0 00 or more, is not eligible for 113
175+coverage by the corporation. Such dwellings insured by the 114
176+corporation on December 31, 2016, may continue to be covered by 115
177+the corporation until the end of the policy term. 116
178+ 117
179+The requirements of sub -subparagraphs b.-d. do not apply in 118
180+counties where the office determines there is not a reasonable 119
181+degree of competition. In such counties a personal lines 120
182+residential structure that has a dwelling replacement cost of 121
183+less than $1 million, or a single condominium unit that has a 122
184+combined dwelling and contents replacement cost of less than $1 123
185+million, is eligible for coverage by the corporation. 124
186+ 4. It is the intent of the Legislature that policyholders, 125
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195195 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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199-degree of competition. In such counties a personal lines 126
200-residential structure that has a d welling replacement cost of 127
201-less than $1 million, or a single condominium unit that has a 128
202-combined dwelling and contents replacement cost of less than $1 129
203-million, is eligible for coverage by the corporation. 130
204- 4. It is the intent of the Legislature that policyholders, 131
205-applicants, and agents of the corporation receive service and 132
206-treatment of the highest possible level but never less than that 133
207-generally provided in the voluntary market. It is also intended 134
208-that the corporation be held to service standards no less than 135
209-those applied to insurers in the voluntary market by the office 136
210-with respect to responsiveness, timeliness, customer courtesy, 137
211-and overall dealings with policyholders, applicants, or agents 138
212-of the corporation. 139
213- 5.a. Effective January 1, 2009, a personal lines 140
214-residential structure that is located in the "wind -borne debris 141
215-region," as defined in s. 1609.2, International Building Code 142
216-(2006), and that has an insured value on the structure of 143
217-$750,000 or more is not eligible for coverage by the c orporation 144
218-unless the structure has opening protections as required under 145
219-the Florida Building Code for a newly constructed residential 146
220-structure in that area. A residential structure is deemed to 147
221-comply with this sub -subparagraph if it has shutters or ope ning 148
222-protections on all openings and if such opening protections 149
223-complied with the Florida Building Code at the time they were 150
199+applicants, and agents of the corporation receive service and 126
200+treatment of the highest possible level but never less than that 127
201+generally provided in the voluntary market. It is also intended 128
202+that the corporation be held to service standards no less than 129
203+those applied to insurers in th e voluntary market by the office 130
204+with respect to responsiveness, timeliness, customer courtesy, 131
205+and overall dealings with policyholders, applicants, or agents 132
206+of the corporation. 133
207+ 5.a. Effective January 1, 2009, a personal lines 134
208+residential structure that is located in the "wind -borne debris 135
209+region," as defined in s. 1609.2, International Building Code 136
210+(2006), and that has an insured value on the structure of 137
211+$750,000 or more is not eligible for coverage by the corporation 138
212+unless the structure has opening protections as required under 139
213+the Florida Building Code for a newly constructed residential 140
214+structure in that area. A residential structure is deemed to 141
215+comply with this sub -subparagraph if it has shutters or opening 142
216+protections on all openings and if such opening protections 143
217+complied with the Florida Building Code at the time they were 144
218+installed. 145
219+ b. Any major structure, as defined in s. 161.54(6)(a), 146
220+that is newly constructed, or rebuilt, repaired, restored, or 147
221+remodeled to increase the total square foot age of finished area 148
222+by more than 25 percent, pursuant to a permit applied for after 149
223+July 1, 2015, is not eligible for coverage by the corporation if 150
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232232 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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236-installed. 151
237- b. Any major structure, as defined in s. 161.54(6)(a), 152
238-that is newly constructed, or rebuilt, repaired, restored, or 153
239-remodeled to increase the total square footage of finished area 154
240-by more than 25 percent, pursuant to a permit applied for after 155
241-July 1, 2015, is not eligible for coverage by the corporation if 156
242-the structure is seaward of the coastal construction control 157
243-line established pursuant to s. 161.053 or is within the Coastal 158
244-Barrier Resources System as designated by 16 U.S.C. ss. 3501 -159
245-3510. 160
246- 6. Beginning with the implementation of the corporation's 161
247-next annual rate change on or after August 1, 2024, if the 162
248-corporation writes a commercial lines residential condominium 163
249-wind-only policy for a condominium in which 50 percent or more 164
250-of the units are rented more than eight times in a calendar year 165
251-for a rental agreement period of less than 30 days, the rate 166
252-charged for such policy is not subject to subparagraph (n)5 With 167
253-respect to wind-only coverage for commercial lines residential 168
254-condominiums, effective July 1, 2014, a condominium shall be 169
255-deemed ineligible for coverage if 50 percent or more of the 170
256-units are rented more than eight times in a calendar year for a 171
257-rental agreement period of less than 30 days . 172
258- (n)1. Rates for coverage provided by the corporation must 173
259-be actuarially sound pursuant to s. 627.062 and not competitive 174
260-with approved rates charged in the admit ted voluntary market so 175
236+the structure is seaward of the coastal construction control 151
237+line established pursuant to s. 161.053 or is within the Coastal 152
238+Barrier Resources System as designated by 16 U.S.C. ss. 3501 -153
239+3510. 154
240+ 6. With respect to wind -only coverage for commercial lines 155
241+residential condominiums, effective July 1, 2014, a condominium 156
242+shall be deemed ineligible for coverage if 5 0 percent or more of 157
243+the units are rented more than eight times in a calendar year 158
244+for a rental agreement period of less than 30 days. 159
245+ Section 2. Paragraph (c) of subsection (5) of section 160
246+627.7011, Florida Statutes, is amended to read: 161
247+ 627.7011 Homeowners' policies; offer of replacement cost 162
248+coverage and law and ordinance coverage. — 163
249+ (5) 164
250+ (c) For a roof that is at least 15 years old, an insurer 165
251+must allow a homeowner to have a roof inspection performed by an 166
252+authorized inspector at the homeowner's e xpense before requiring 167
253+the replacement of the roof of a residential structure as a 168
254+condition of issuing or renewing a homeowner's insurance policy. 169
255+The insurer may not refuse to issue or refuse to renew a 170
256+homeowner's insurance policy solely because of roo f age if an 171
257+inspection of the roof of the residential structure performed by 172
258+an authorized inspector indicates that the roof has 5 years or 173
259+more of useful life remaining. An authorized inspector must use 174
260+the Commercial Roof Condition Inspection Form (CL -RCF-1 07 17). 175
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269269 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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273-that the corporation functions as a residual market mechanism to 176
274-provide insurance only when insurance cannot be procured in the 177
275-voluntary market, except as otherwise provided in this 178
276-paragraph. The office shall provide the corporat ion such 179
277-information as would be necessary to determine whether rates are 180
278-competitive. The corporation shall file its recommended rates 181
279-with the office at least annually. The corporation shall provide 182
280-any additional information regarding the rates which th e office 183
281-requires. The office shall consider the recommendations of the 184
282-board and issue a final order establishing the rates for the 185
283-corporation within 45 days after the recommended rates are 186
284-filed. The corporation may not pursue an administrative 187
285-challenge or judicial review of the final order of the office. 188
286- 2. In addition to the rates otherwise determined pursuant 189
287-to this paragraph, the corporation shall impose and collect an 190
288-amount equal to the premium tax provided in s. 624.509 to 191
289-augment the financia l resources of the corporation. 192
290- 3. After the public hurricane loss -projection model under 193
291-s. 627.06281 has been found to be accurate and reliable by the 194
292-Florida Commission on Hurricane Loss Projection Methodology, the 195
293-model shall be considered when estab lishing the windstorm 196
294-portion of the corporation's rates. The corporation may use the 197
295-public model results in combination with the results of private 198
296-models to calculate rates for the windstorm portion of the 199
297-corporation's rates. This subparagraph does not require or allow 200
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306-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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310-the corporation to adopt rates lower than the rates otherwise 201
311-required or allowed by this paragraph. 202
312- 4. The corporation must make a recommended actuarially 203
313-sound rate filing for each personal and commercial line of 204
314-business it writes. 205
315- 5. Notwithstanding the board's recommended rates and the 206
316-office's final order regarding the corporation's filed rates 207
317-under subparagraph 1., the corporation shall annually implement 208
318-a rate increase which, except for sinkhole coverage, does not 209
319-exceed the following for any single policy issued by the 210
320-corporation, excluding coverage changes and surcharges: 211
321- a. Twelve percent for 2023. 212
322- b. Thirteen percent for 2024. 213
323- c. Fourteen percent for 2025. 214
324- d. Fifteen percent for 2026 and all subsequent years. 215
325- 6. The corporation may also implement an increase to 216
326-reflect the effect on the corporation of the cash buildup factor 217
327-pursuant to s. 215.555(5)(b). 218
328- 7. The corporation's implementation of rates as prescribed 219
329-in subparagraphs 5. and 8. shall cease for any li ne of business 220
330-written by the corporation upon the corporation's implementation 221
331-of actuarially sound rates. Thereafter, the corporation shall 222
332-annually make a recommended actuarially sound rate filing that 223
333-is not competitive with approved rates in the admit ted voluntary 224
334-market for each commercial and personal line of business the 225
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343-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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347-corporation writes. 226
348- 8. The following new or renewal personal lines policies 227
349-written on or after November 1, 2023, are not subject to the 228
350-rate increase limitations in subparagraph 5., but may not be 229
351-charged more than 50 percent above, nor less than, the prior 230
352-year's established rate for the corporation: 231
353- a. Policies that do not cover a primary residence; 232
354- b. New policies under which the coverage for the insured 233
355-risk, before the date of application with the corporation, was 234
356-last provided by an insurer determined by the office to be 235
357-unsound or an insurer placed in receivership under chapter 631; 236
358-or 237
359- c. Subsequent renewals of those policies, including the 238
360-new policies in sub-subparagraph b., under which the coverage 239
361-for the insured risk, before the date of application with the 240
362-corporation, was last provided by an insurer determined by the 241
363-office to be unsound or an insurer placed in receivership under 242
364-chapter 631. 243
365- 9. As used in this paragraph, the term "primary residence" 244
366-means the dwelling that is the policyholder's primary home or is 245
367-a rental property that is the primary home of the tenant, and 246
368-which the policyholder or tenant occupies for more than 9 months 247
369-of each year. 248
370- Section 2. Paragraph (c) of subsection (5) of section 249
371-627.7011, Florida Statutes, is amended to read: 250
372-
373-CS/HB 625 2024
374-
375-
376-
377-CODING: Words stricken are deletions; words underlined are additions.
378-hb0625-01-c1
379-Page 11 of 12
380-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
381-
382-
383-
384- 627.7011 Homeowners' policies; offer of replacement cost 251
385-coverage and law and ordinance coverage. — 252
386- (5) 253
387- (c) For a roof that is at least 15 years old, an in surer 254
388-must allow a homeowner to have a roof inspection performed by an 255
389-authorized inspector at the homeowner's expense before requiring 256
390-the replacement of the roof of a residential structure as a 257
391-condition of issuing or renewing a homeowner's insurance pol icy. 258
392-The insurer may not refuse to issue or refuse to renew a 259
393-homeowner's insurance policy solely because of roof age if an 260
394-inspection of the roof of the residential structure performed by 261
395-an authorized inspector indicates that the roof has 5 years or 262
396-more of useful life remaining. An authorized inspector must use 263
397-the personal Roof Condition Inspection Form issued by Citizens 264
398-Property Insurance Corporation and approved by the office. An 265
399-authorized inspector may provide an appendix to this form which 266
400-includes pictures or other documentation to demonstrate the 267
401-remaining useful life of the roof. 268
402- Section 3. Section 627.70143, Florida Statutes, is created 269
403-to read: 270
404- 627.70143 Commercial roof inspections. — 271
405- (1) As used in this section, the term "authorized 272
406-inspector" has the same meaning as in s. 627.7011(5)(a). 273
407- (2) An authorized inspector inspecting the roof of a 274
408-commercial structure must use the commercial Roof Condition 275
409-
410-CS/HB 625 2024
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413-
414-CODING: Words stricken are deletions; words underlined are additions.
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417-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
418-
419-
420-
421-Inspection Form issued by Citizens Property Insurance 276
422-Corporation and approved by the office. An authorized inspector 277
423-may provide an appendix to this form which includes pictures or 278
424-other documentation to demonstrate the remaining useful life of 279
425-the roof. 280
426- Section 4. Subsection (1) of section 627.714, Florida 281
427-Statutes, is amended to read : 282
428- 627.714 Residential condominium unit owner coverage; loss 283
429-assessment coverage required. — 284
430- (1) For policies issued or renewed on or after July 1, 285
431-2024 2010, coverage under a unit owner's residential property 286
432-policy must include at least $5,000 $2,000 in property loss 287
433-assessment coverage for all assessments made as a result of the 288
434-same direct loss to the property, regardless of the number of 289
435-assessments, owned by all members of the association 290
436-collectively if such loss is of the type of loss covered by the 291
437-unit owner's residential property insurance policy, to which a 292
438-deductible of no more than $250 per direct property loss 293
439-applies. If a deductible was or will be applied to other 294
440-property loss sustained by the unit owner resulting from the 295
441-same direct loss to the property, no deductible applies to the 296
442-loss assessment coverage. 297
443- Section 5. This act shall take effect July 1, 2024. 298
273+An authorized inspector may provide an appendix to this form 176
274+which includes pictures or other documentation to demonstrate 177
275+the remaining useful life of the roof. 178
276+ Section 3. Subsection (1) of section 627.714, Florida 179
277+Statutes, is amended to read: 180
278+ 627.714 Residential condominium unit owner coverage; loss 181
279+assessment coverage required. — 182
280+ (1) For policies issued or renewed on or after July 1, 183
281+2024 2010, coverage under a unit owner's residential property 184
282+policy must include at least $5,000 $2,000 in property loss 185
283+assessment coverage for all assessments made as a result of the 186
284+same direct loss to the property, regardless of the number of 187
285+assessments, owned by all members of the association 188
286+collectively if such loss is of the type of loss covered by the 189
287+unit owner's residential property insurance policy, to which a 190
288+deductible of no more than $250 per direct property loss 191
289+applies. If a deductible was or will be applied to other 192
290+property loss sustained by the unit owner resulting from the 193
291+same direct loss to the property, no deductible applies to the 194
292+loss assessment coverage. 195
293+ Section 4. This act shall take effect July 1, 2024. 196