Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-167 - PROPERTY AND CASUALTY INSURANCE CONTRACTS
Section 69O-167.011 - Homeowner's Policies: Offer of Replacement Cost Coverage and Law and Ordinance Coverage

(1) This rule applies to all covered losses arising from claims under homeowners policies as that term is generally used but does not apply to a tenant's form, commonly known as an HO-4 nor to a condominium unit owner's form, commonly known as an HO-6.

(2) Pursuant to Section 627.7011, F.S., insurers are required to obtain a written statement from the holder of a homeowner's policy regarding that policyholder's selection or rejection of replacement cost coverage and law and ordinance coverage, as those coverages are described in Section 627.7011, F.S. Insurers are also required to provide each homeowner's policyholder with notice of the availability of these coverages at least once every three years. However, an insurer is not required to make the offers required by this rule with respect to the issuance or renewal of a homeowners policy which contains the provisions specified in Section 627.7011(1)(b), F.S.

(3) Insurers shall obtain approval to use its own form, and must use an approved form for the required notification every three years. Such form used by the insurer shall be retained by the insurer in the policyholder's file.

(4) If the insurer already includes replacement coverage and law and ordinance coverage as an integral part of its homeowners policy form, it is not necessary to obtain an explicit selection or rejection from the policyholder. However, the insurer shall include an explanation of the coverages in order to fully advise the applicant or policyholder of the nature of the coverages, as required by Section 627.7011(2), F.S.