The bill introduces a new section, 627.701515, to the Florida Statutes, which mandates that insurers providing residential property coverage must implement a specific appraisal process. This process requires that the valuation of the land be conducted separately from the valuation of the dwelling or any other structures or fixtures on the property. The intent is to ensure that insurance coverage is accurately allocated only to the dwelling or other structures, rather than including the land in the valuation.

The effective date for this new requirement is set for July 1, 2025. This legislative change aims to clarify the appraisal process for residential property insurance, ensuring that homeowners receive appropriate coverage based on the actual value of their structures without the influence of land valuation.