HB 809 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0809-00
Page 1 of 2
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
A bill to be entitled 1
An act relating to personal lines residential property 2
insurance; creating s. 627.70122, F.S.; requiring an 3
insurer, before issuing a personal lines residential 4
property insurance policy, to offer a policy that 5
provides a coverage limit on the dwelling equal to the 6
unpaid principal balance of all mortgage loans on the 7
risk; requiring an insurer issuing such a policy to 8
obtain a certain signed statement; specifying the 9
language for such statement; prohibiting a personal 10
lines residential property insurer from requiring a 11
coverage limit that includes the value of the land 12
upon which the dwelling sits; providing an effective 13
date. 14
15
Be It Enacted by the Legislatu re of the State of Florida: 16
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Section 1. Section 627.70122, Florida Statutes, is created 18
to read: 19
627.70122 Coverage limits on personal lines residential 20
property insurance.— 21
(1) Before issuing a personal lines residential property 22
insurance policy, the insurer shall offer a policy that provides 23
a coverage limit on the dwelling equal to the unpaid principal 24
balance of all mortgage loans on the risk. Before issuing any 25
HB 809 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0809-00
Page 2 of 2
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
policy that limits coverage on the dwelling equal to the unpaid 26
principal balance of all mortgage loans on the risk, the insurer 27
shall obtain a statement signed by all insureds which contains 28
the following notice in boldfaced type no smaller than 18 point: 29
"YOU ARE ELECTING TO PURCHASE COVERAGE AT A LIMIT THAT IS EQUAL 30
TO ONLY THE UNPAID PRINCIPAL BALANCE OF THE MORTGAGE LOANS ON 31
YOUR HOME. ACCORDINGLY, IN THE EVENT OF THE TOTAL LOSS OF YOUR 32
HOME OR A LOSS FOR WHICH THE COST TO REPAIR YOUR HOME EXCEEDS 33
THE UNPAID BALANCE ON YOUR MORTGAGE LOAN, YOU WILL INCUR 34
SIGNIFICANT FINANCIAL LOSSES, INCLUDING THE POTENTIAL LOSS OF 35
SOME OF YOUR HOME'S EQUITY." 36
(2) A personal lines residential property insurer may not, 37
as a condition of issuing coverage, require a coverage limit on 38
the dwelling which includes the value of the land upon which the 39
dwelling sits. 40
Section 2. This act shall take effect July 1, 2024. 41