Florida 2024 Regular Session

Florida House Bill H0655 Compare Versions

Only one version of the bill is available at this time.

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10	10	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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14	14	A bill to be entitled 1
15	15	An act relating to the Condominium Windstorm Pilot 2
16	16	Program; amending s. 627.351, F.S.; requiring the 3
17	17	Office of Insurance Regulation to establish the 4
18	18	Condominium Windstorm Pilot Program for a specified 5
19	19	purpose; requiring the office to submit certain 6
20	20	information to the Legislature by a date certain; 7
21	21	authorizing the office to adopt rules; providing for 8
22	22	the expiration of the pilot program; requiring a 9
23	23	majority vote of the total voting interests of a 10
24	24	condominium association in order to participate in the 11
25	25	pilot program; providing requirements for associations 12
26	26	to participate in the pilot program; requiring 13
27	27	insurance policies issued under the pilot program to 14
28	28	align with the reserves of an association; providing 15
29	29	requirements for associations participating in the 16
30	30	pilot program; authorizing the office, in 17
31	31	collaboration with other stakeholders, to create 18
32	32	certain educational materials; amending s. 718.111, 19
33	33	F.S.; authorizing asso ciations to participate in the 20
34	34	pilot program beginning on a date certain; conforming 21
35	35	provisions to changes made by the act; providing an 22
36	36	effective date. 23
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38	38	Be It Enacted by the Legislature of the State of Florida: 25
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40	40	HB 655 2024
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47	47	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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52	52	Section 1. Paragraph (nn) is added to subsection (6) of 27
53	53	section 627.351, Florida Statutes, to read: 28
54	54	627.351 Insurance risk apportionment plans. — 29
55	55	(6) CITIZENS PROPERTY INSURANCE CORPORATION. — 30
56	56	(nn) The office shall establish the Condominium Windstorm 31
57	57	Pilot Program to provide insurance c overage to residential 32
58	58	condominium associations which covers the actual cash value of 33
59	59	the roof of a participating condominium, rather than the 34
60	60	replacement cost value. The office shall create a schedule of 35
61	61	depreciation and any other requirements for the pro gram and 36
62	62	submit such information to the President of the Senate and the 37
63	63	Speaker of the House of Representatives by December 31, 2024. 38
64	64	The office may adopt rules to implement this paragraph. This 39
65	65	paragraph expires July 1, 2029. 40
66	66	1. A residential condominiu m association must receive 41
67	67	approval by a majority vote of the total voting interests of the 42
68	68	association to participate in the pilot program. The vote may 43
69	69	take place at the annual budget meeting of the association or at 44
70	70	a condominium unit owner meeting call ed for the purpose of 45
71	71	taking such vote. Before a vote of the condominium unit owners 46
72	72	may be taken, the association must provide to the condominium 47
73	73	unit owners a clear disclosure of the pilot program on a form 48
74	74	created by the office. The president and treasu rer of the 49
75	75	association must sign the disclosure form indicating that a copy 50
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84	84	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	88	of the form was provided to each condominium unit owner of the 51
89	89	association. The signed disclosure form and the minutes from the 52
90	90	meeting at which the condominium unit owners voted t o 53
91	91	participate in the pilot program must be maintained as part of 54
92	92	the official records of the association and be provided to the 55
93	93	corporation at initial issuance of the policy and as part of the 56
94	94	association's annual policy renewal process. Within 14 days 57
95	95	after an affirmative vote to participate in the pilot program, 58
96	96	the association must provide written notice in the same manner 59
97	97	as required under s. 718.112(2)(d) to all condominium unit 60
98	98	owners of the decision to participate in the pilot program. 61
99	99	2. An insurance policy issued under the pilot program must 62
100	100	ensure that the actual cash value of the residential condominium 63
101	101	association's roof aligns with the reserves required under s. 64
102	102	718.112(2)(f). 65
103	103	3. A residential condominium association that participates 66
104	104	in the pilot program must have biannual roof inspections and 67
105	105	submit such inspections, along with the association's most 68
106	106	recent structural integrity reserve study, if required, to the 69
107	107	corporation at initial issuance of the policy and as part of the 70
108	108	association's annual policy renewal process. 71
109	109	4. The office may collaborate with the corporation and 72
110	110	other relevant stakeholders to develop educational materials 73
111	111	that inform residential condominium associations and its members 74
112	112	about the pilot program and the importance of maintaining and 75
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121	121	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	125	documenting roof upkeep. 76
126	126	Section 2. Paragraph (p) is added to subsection (11) of 77
127	127	section 718.111, Florida Statutes, to read: 78
128	128	718.111 The association. — 79
129	129	(11) INSURANCE.—In order to protect the safety, health, 80
130	130	and welfare of the pe ople of the State of Florida and to ensure 81
131	131	consistency in the provision of insurance coverage to 82
132	132	condominiums and their unit owners, this subsection applies to 83
133	133	every residential condominium in the state, regardless of the 84
134	134	date of its declaration of condomi nium. It is the intent of the 85
135	135	Legislature to encourage lower or stable insurance premiums for 86
136	136	associations described in this subsection. 87
137	137	(p) Beginning July 1, 2024, a residential condominium 88
138	138	association may participate in the Condominium Windstorm Pilot 89
139	139	Program under s. 627.351(6)(nn). This paragraph expires July 1, 90
140	140	2029. 91
141	141	Section 3. This act shall take effect July 1, 2024. 92