Bill > H0879

This bill aims to expand flood insurance options in Florida by requiring the Office of Insurance Regulation (OIR) to consider projected flood losses when reviewing certain rate filings, and by tasking the Florida Commission on Hurricane Loss Projection Methodology with establishing standards for personal lines residential flood loss projections by July 1, 2017. It allows authorized insurers to offer various types of flood insurance, including standard coverage mirroring the National Flood Insurance Program (NFIP), preferred coverage with broader terms like additional living expenses, customized broader coverage, and supplemental coverage for items like jewelry or deductibles. The bill defines "flood" to include general inundation from various water sources, mudflow, and land subsidence related to water bodies, and mandates that policy limitations be clearly noted on declarations pages. Insurers are given rate-setting options, and surplus lines agents can export flood coverage contracts without the usual diligent effort to find coverage from authorized insurers, though this provision expires July 1, 2017. Insurers must notify the OIR before writing flood insurance and file a plan of operation unless they have substantial surplus. Notably, Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund are prohibited from providing or reimbursing flood insurance losses, respectively, and agents must obtain signed acknowledgments from applicants regarding potential rate differences if they also have NFIP coverage.