This bill amends Florida Statutes to require surplus lines insurers to comply with the valued policy law under specific circumstances. It introduces a new subsection in section 626.926, stating that unauthorized insurers assuming surplus lines direct risks must adhere to the valued policy law as applicable under section 627.702. Additionally, the term "insurer" is defined to include surplus lines insurers for the purpose of the valued policy law, effective July 1, 2025. The bill also makes conforming amendments to sections 627.7011 and 627.7142 to align with these changes.

The bill clarifies the liability of insurers in the event of total and partial losses, specifying that for total losses, the insurer's liability will be the amount for which the property was insured, provided there are no changes increasing the risk or fraudulent actions by the insured. It also states that the amendments will not apply retroactively and will only affect claims filed after the effective date. Furthermore, the bill includes provisions regarding mobile homes and the insurer's right to repair or replace damaged property, ensuring that insurers can still manage claims in compliance with existing policies. The act is set to take effect on July 1, 2025.

Statutes affected:
S 328 Filed: 627.702, 627.7011, 627.7142