Florida Statute 627.702 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.702

627.702 Valued policy law.—

(1)(a) In the event of the total loss of any building, structure, mobile home as defined in s. 320.01(2), or manufactured building as defined in s. 553.36(13), located in this state and insured by any insurer as to a covered peril, in the absence of any change increasing the risk without the insurer’s consent and in the absence of fraudulent or criminal fault on the part of the insured or one acting in her or his behalf, the insurer’s liability under the policy for such total loss, if caused by a covered peril, shall be in the amount of money for which such property was so insured as specified in the policy and for which a premium has been charged and paid.

(b) The intent of this subsection is not to deprive an insurer of any proper defense under the policy, to create new or additional coverage under the policy, or to require an insurer to pay for a loss caused by a peril other than the covered peril. In furtherance of such legislative intent, when a loss was caused in part by a covered peril and in part by a noncovered peril, paragraph (a) does not apply. In such circumstances, the insurer’s liability under this section shall be limited to the amount of the loss caused by the covered peril. However, if the covered perils alone would have caused the total loss, paragraph (a) shall apply. The insurer is never liable for more than the amount necessary to repair, rebuild, or replace the structure following the total loss, after considering all other benefits actually paid for the total loss.

(c) It is the intent of the Legislature that the amendment to this section shall not be applied retroactively and shall apply only to claims filed after the effective date of such amendment.

(2) In the case of a partial loss by fire or lightning of any such property, the insurer’s liability, if any, under the policy shall be for the actual amount of such loss but shall not exceed the amount of insurance specified in the policy as to such property and such peril.

(3) The provisions of subsections (1) and (2) do not apply when:

(a) Insurance policies are issued or renewed by more than one company insuring the same building, structure, mobile home, or manufactured building, and the existence of such additional insurance is not disclosed by the insured to all insurers issuing such policies;

(b) Two or more buildings, structures, mobile homes, or manufactured buildings are insured under a blanket form for a single amount of insurance; or

(c) The completed value of a building, structure, mobile home, or manufactured building is insured under a builder’s risk policy.

(4) The amount of any loss referred to in subsection (1) or subsection (2) shall be subject to any coinsurance clause contained in the policy pursuant to s. 627.701.

(5) This section does not apply as to personal property or any interest therein, except with respect to mobile homes as defined in s. 320.01(2) or manufactured buildings as defined in s. 553.36(13). Nor does this section apply to coverage of an appurtenant structure or other structure or any coverage or claim in which the dollar amount of coverage available as to the structure involved is not directly stated in the policy as a dollar amount specifically applicable to that particular structure.

(6) With regard to mobile homes included in subsection (1), any total loss shall be adjusted on the basis of the amount of money for which such property was insured as specified in the policy, whether on an actual cash value basis, replacement cost basis, or stated amount, and for which a premium has been charged and paid only if the insured has elected to purchase such coverage at the inception of the policy. However, when coverage is written for a mobile home on any basis other than stated value, a complete disclosure of the relative cost between that policy and the stated value policy shall be made to the insured on a form and in a format approved by the office. Such forms shall disclose and describe the differences between the types of policies and shall be signed by the insured. Copies shall be maintained in the insurer’s file, and a copy shall be made available to the insured. Each insurer licensed to write insurance covering mobile homes shall make such stated value coverage available at the option of the insured.

(7) Nothing herein shall be construed as prohibiting an insurer from repairing or replacing damaged property at its own expense and without contribution on the part of the insured except, as provided in subsection (6), when an insured has elected to purchase stated value coverage. Such repair or replacement of damaged property shall be in lieu of any liability created by subsection (1); and any insurer so repairing or replacing shall have no liability pursuant to subsection (1), provided such insurer returns to the named insured a portion of the premium, for all policy terms during which the policy limits were the same as those in effect on the date on which the loss occurred, equal to that portion of the premium paid for limits of insurance on the structure in excess of the cost of replacement.

(8) Any property insurer may, by an appropriate rider or endorsement or otherwise, provide insurance indemnifying the insured for the difference between the insurable value of the insured property at the time any loss or damage occurs, and the amount actually expended to repair, rebuild, or replace within this state, with new materials of like size, kind, and quality, such property as has been damaged or destroyed.

History.—ss. 606, 608, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 1, 2, ch. 79-237; ss. 1, 2, ch. 80-326; s. 1, ch. 81-280; ss. 2, 3, ch. 81-318; ss. 539, 541, 809(2nd), ch. 82-243; ss. 65, 79, ch. 82-386; s. 1, ch. 83-191; s. 114, ch. 92-318; s. 357, ch. 97-102; s. 98, ch. 2002-1; s. 1188, ch. 2003-261; s. 16, ch. 2005-111; s. 14, ch. 2007-55.

Note.—Consolidation of s. 627.702 and former s. 627.704.

F.S. 627.702 on Google Scholar

F.S. 627.702 on CourtListener

Amendments to 627.702

Annotations, Discussions, Cases:

Cases Citing Statute 627.702

Total Results: 41

Florida Farm Bureau Cas. Ins. Co. v. Cox

967 So. 2d 815, 32 Fla. L. Weekly Supp. 564, 2007 Fla. LEXIS 1678, 2007 WL 2727072

Supreme Court of Florida | Filed: Sep 20, 2007 | Docket: 1454103

Cited 25 times | Published

certified to be of great public importance: DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS

Ceballo v. Citizens Property Ins. Corp.

967 So. 2d 811, 32 Fla. L. Weekly Supp. 566, 2007 Fla. LEXIS 1677, 2007 WL 2727092

Supreme Court of Florida | Filed: Sep 20, 2007 | Docket: 2487532

Cited 19 times | Published

the Third District and hold that the VPL, section 627.702, Florida Statutes (2004), does not override

Florida Farm Bureau Cas. Ins. Co. v. Cox

943 So. 2d 823, 2006 WL 3024902

District Court of Appeal of Florida | Filed: Dec 15, 2006 | Docket: 2514380

Cited 19 times | Published

the amount for which the property was insured. § 627.702(1), Fla. Stat. (2004). I. At the outset, we note

Mierzwa v. Florida Windstorm Underwriting

877 So. 2d 774, 2004 Fla. App. LEXIS 8804, 2004 WL 1392320

District Court of Appeal of Florida | Filed: Jun 23, 2004 | Docket: 1437174

Cited 17 times | Published

was so insured as specified in the policy...." § 627.702(1), Fla. Stat. (2003). The VPL is part of every

Stanley K. Smigiel, Et Ux. And Theresa Smigiel, His Wife v. Aetna Casualty and Surety Company

785 F.2d 922, 1986 U.S. App. LEXIS 23607

Court of Appeals for the Eleventh Circuit | Filed: Mar 31, 1986 | Docket: 1065959

Cited 14 times | Published

subsections of Florida’s Valued Policy Law, Fla.Stat. § 627.702 (1981), applied different rules of recovery to

State Farm Fire & Cas. Co. v. Patrick

647 So. 2d 983, 1994 Fla. App. LEXIS 12177, 1994 WL 697375

District Court of Appeal of Florida | Filed: Dec 14, 1994 | Docket: 1524782

Cited 13 times | Published

prohibited by section 627.702(2), Florida Statutes (1991), and Florida caselaw. However, section 627.702(2) is

Mayflower Corp. v. Davis

655 So. 2d 1134, 1994 WL 716784

District Court of Appeal of Florida | Filed: Dec 29, 1994 | Docket: 1327256

Cited 11 times | Published

policy are routine in some forms of coverage. § 627.702, Fla. Stat. (1993) ("In the event of the total

Vanguard Fire and Cas. Co. v. Golmon

955 So. 2d 591, 2006 WL 3299196

District Court of Appeal of Florida | Filed: Nov 15, 2006 | Docket: 1659288

Cited 9 times | Published

District interpreted Florida's Valued Policy Law, section 627.702, Florida Statutes, to mean that, where an insured

Underwriters Ins. Co. v. Kirkland

490 So. 2d 149, 11 Fla. L. Weekly 1317

District Court of Appeal of Florida | Filed: Jun 12, 1986 | Docket: 1488808

Cited 7 times | Published

fixing damages as of a prior date. Further, section 627.702, Florida Statutes (Florida's "valued policy"

Citizens Property Insurance Corp. v. Mallett

7 So. 3d 552, 2009 Fla. App. LEXIS 1544, 2009 WL 485038

District Court of Appeal of Florida | Filed: Feb 27, 2009 | Docket: 1654949

Cited 5 times | Published

held that, under the Valued Policy Law (VPL), section 627.702(1), Florida Statutes, an insurer must pay the

Greer v. Owners Insurance

434 F. Supp. 2d 1267, 2006 U.S. Dist. LEXIS 40790, 2006 WL 1589815

District Court, N.D. Florida | Filed: Jun 6, 2006 | Docket: 2300463

Cited 5 times | Published

contend that Florida's Valued Policy Law, Section 627.702(1) of the Florida Statutes, requires Owners

Regency Baptist Temple v. Ins. Co. of North America

352 So. 2d 1242, 1977 Fla. App. LEXIS 17148

District Court of Appeal of Florida | Filed: Dec 8, 1977 | Docket: 1757521

Cited 5 times | Published

conflicts with Florida's valued policy law, Section 627.702, Florida Statutes (1975). Netherlands Ins.

Langhorne v. Fireman's Fund Insurance

432 F. Supp. 2d 1274, 2006 U.S. Dist. LEXIS 33884, 2006 WL 1517048

District Court, N.D. Florida | Filed: May 26, 2006 | Docket: 2286486

Cited 4 times | Published

Florida's Valued Policy Law ("VPL"), Fla. Stat. § 627.702.[9] Defendant concedes arguendo, for the purpose

CITIZENS PROPERTY INS. CORP. v. Ceballo

934 So. 2d 536, 2006 WL 1331504

District Court of Appeal of Florida | Filed: May 10, 2006 | Docket: 1747643

Cited 4 times | Published

peril, under Florida's Valued Policy Law, section 627.702(1), Florida Statutes (2005),[1] and Mierzwa

Citizens Property Insurance Corp. v. Ashe

50 So. 3d 645, 2010 Fla. App. LEXIS 17891, 2010 WL 4628915

District Court of Appeal of Florida | Filed: Nov 17, 2010 | Docket: 60297329

Cited 3 times | Published

property under Florida’s Valued Policy Law (VPL), section 627.702, Florida Statutes (2004). We find that the

Citizens Property Insurance Corp. v. Hamilton

43 So. 3d 746, 2010 Fla. App. LEXIS 9885, 2010 WL 2671808

District Court of Appeal of Florida | Filed: Jul 7, 2010 | Docket: 60295468

Cited 3 times | Published

windstorm by a “valued policy” subject to section 627.702, Florida Statutes (2004). Appellees advanced

State Farm Florida Insurance Co. v. Nichols

21 So. 3d 904, 2009 Fla. App. LEXIS 16556

District Court of Appeal of Florida | Filed: Nov 6, 2009 | Docket: 1656072

Cited 3 times | Published

address the issue concerning the construction of section 627.702(1)(a), Florida Statutes (2007), which is addressed

Citizens Property Ins. Corp. v. Ueberschaer

956 So. 2d 483, 2007 WL 906448

District Court of Appeal of Florida | Filed: May 25, 2007 | Docket: 1740522

Cited 3 times | Published

policy limits from Citizens under the VPL, section 627.702(1), Florida Statutes (2004). He further alleged

Sperling v. Liberty Mutual Insurance Company

281 So. 2d 297

Supreme Court of Florida | Filed: Jul 31, 1973 | Docket: 1262118

Cited 3 times | Published

recoverable in this case is governed by Fla. Stat. § 627.702, F.S.A. (formerly 627.0801), the Valued Policy

Florida Farm Bureau Casualty Insurance v. Mathis

33 So. 3d 94, 2010 Fla. App. LEXIS 5231, 2010 WL 1542631

District Court of Appeal of Florida | Filed: Apr 20, 2010 | Docket: 1648959

Cited 2 times | Published

that under Florida's Valued Policy Law (VPL), section 627.702(1), Florida Statutes (2004),[1] they were entitled

Citizens Property Ins. Corp. v. Manning

966 So. 2d 486, 2007 WL 2981912

District Court of Appeal of Florida | Filed: Oct 15, 2007 | Docket: 1679485

Cited 2 times | Published

version of Florida's Valued Policy Law (VPL), § 627.702(1), Fla. Stat. (2004), then extant, ruling that

Smith v. Nationwide Mutual Fire Insurance

564 F. Supp. 350, 1983 U.S. Dist. LEXIS 16588

District Court, N.D. Florida | Filed: May 31, 1983 | Docket: 957014

Cited 2 times | Published

Florida's valued policy law, Florida Statutes § 627.702 (1979), is coupled with the innocent co-insured

Foremost Ins. Co. v. Medders

399 So. 2d 128

District Court of Appeal of Florida | Filed: Jun 3, 1981 | Docket: 1652315

Cited 2 times | Published

policy. After a non-jury trial the court found section 627.702, Florida Statutes (1977), to be controlling;

ALBERT GANZEMULLER v. OMEGA INSURANCE CO.

244 So. 3d 1189

District Court of Appeal of Florida | Filed: Apr 27, 2018 | Docket: 6377879

Cited 1 times | Published

contractual interpretation. Section 627.702 is titled "Valued policy law." Subsection

Noa v. Florida Insurance Guaranty Assoc.

215 So. 3d 141, 2017 WL 1076922, 2017 Fla. App. LEXIS 3787

District Court of Appeal of Florida | Filed: Mar 22, 2017 | Docket: 4620358

Cited 1 times | Published

present case. 4 . The VPL, section 627.702, Florida Statutes (2016), requires an insurer

American Home Assurance Co. v. Sebo

141 So. 3d 195, 2013 WL 5225271, 2013 Fla. App. LEXIS 14799

District Court of Appeal of Florida | Filed: Sep 18, 2013 | Docket: 60241815

Cited 1 times | Published

for which a premium has been charged and paid.” § 627.702(l)(a), Fla. Stat. (2005). Ashe’s home was destroyed

CITIZENS PROPERTY INS. CORP. v. Ueberschaer

979 So. 2d 929, 33 Fla. L. Weekly Supp. 223, 2008 Fla. LEXIS 541, 2008 WL 794861

Supreme Court of Florida | Filed: Mar 27, 2008 | Docket: 1445464

Cited 1 times | Published

OF POLICY LIMITS UNDER THE VALUED POLICY LAW, § 627.702(1), FLA. STAT. (2004), WHEN THE COVERED PERIL

State Farm Florida Ins. Co. v. Ondis

962 So. 2d 923, 2007 WL 1385958

District Court of Appeal of Florida | Filed: May 14, 2007 | Docket: 480468

Cited 1 times | Published

attributable to wind was in the amount of $14,073.65. Section 627.702, Florida Statutes (2004), also know as Florida's

CITIZENS PROPERTY INS. CORP. v. Swinson

952 So. 2d 617, 2007 Fla. App. LEXIS 4668, 2007 WL 935015

District Court of Appeal of Florida | Filed: Mar 30, 2007 | Docket: 2582545

Cited 1 times | Published

that the Valued Policy Law, as set forth in section 627.702, Florida Statutes, does not apply to condominium

BEVERLY WILLIAMS v. CITIZENS PROPERTY INSURANCE CORPORATION

District Court of Appeal of Florida | Filed: Aug 18, 2021 | Docket: 60199077

Published

Florida’s Valued Policy Law, codified in section 627.702 of the Florida Statutes, establishes an insurer’s

MARTHA CASTRO v. PEOPLE'S TRUST INSURANCE COMPANY

District Court of Appeal of Florida | Filed: Apr 28, 2021 | Docket: 59860107

Published

policy and s. 627.702(7).” (emphasis added). Section 627.702(7), in turn, provides: Nothing herein

Norman David Freeman and Christy Ann Freeman v. American Integrity Insurance Co. of Florida

180 So. 3d 1203, 2015 WL 8519512

District Court of Appeal of Florida | Filed: Dec 10, 2015 | Docket: 3020314

Published

Company of Florida. Appellants argue that section 627.702, Florida Statutes (2008), Florida’s Valued

STATE FARM FLORIDA INSURANCE COMPANY v. Ondis

979 So. 2d 930, 33 Fla. L. Weekly Supp. 224, 2008 Fla. LEXIS 545, 2008 WL 794908

Supreme Court of Florida | Filed: Mar 27, 2008 | Docket: 305077

Published

question as one of great public importance: DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS

State Farm Florida Insurance Co. v. Mix

928 So. 2d 488, 2006 Fla. App. LEXIS 6902, 2006 WL 1210316

District Court of Appeal of Florida | Filed: May 8, 2006 | Docket: 64844577

Published

the claim applying the Valued Policy Law, Section 627.702, Florida Statutes, to the contract. See generally

Llana v. State Farm Fire & Casualty Co.

688 So. 2d 388, 1997 Fla. App. LEXIS 406, 1997 WL 43648

District Court of Appeal of Florida | Filed: Feb 5, 1997 | Docket: 64771229

Published

PER CURIAM. Affirmed. See § 627.702(8), Fla. Stat. (1991).

Hallcom v. Allstate Insurance Co.

654 So. 2d 245, 1995 Fla. App. LEXIS 4433, 1995 WL 238757

District Court of Appeal of Florida | Filed: Apr 26, 1995 | Docket: 64755888

Published

upon section 627.702(2), Florida Statutes (1993), which must be read together with section 627.702(1):

Day v. State Farm Fire & Casualty Co.

611 So. 2d 105, 1992 Fla. App. LEXIS 13129, 1992 WL 389041

District Court of Appeal of Florida | Filed: Dec 31, 1992 | Docket: 64693153

Published

was totally destroyed by the fire; as such, section 627.702, Florida Statutes (1989), would apply. This

Hart v. State

524 So. 2d 707, 13 Fla. L. Weekly 1071, 1988 Fla. App. LEXIS 1736, 1988 WL 40532

District Court of Appeal of Florida | Filed: May 4, 1988 | Docket: 64634629

Published

the terms of the policy and pursuant to Florida Statute 627.702. “The defendant testified that he has a

Cooper v. Alford

446 So. 2d 1093

District Court of Appeal of Florida | Filed: Feb 8, 1984 | Docket: 1216283

Published

provisions of the Florida Valued Policy Law, section 627.702, Florida Statutes (1981), as they existed in

Independent Fire Insurance Co. v. Sheffield

404 So. 2d 406, 1981 Fla. App. LEXIS 21256

District Court of Appeal of Florida | Filed: Oct 7, 1981 | Docket: 64585393

Published

issue presented by this appeal is whether section 627.702, Florida Statutes (Supp.1980), applies to an

Interstate Fire Insurance v. Hamilton

356 So. 2d 1348, 1978 Fla. App. LEXIS 15626

District Court of Appeal of Florida | Filed: Apr 5, 1978 | Docket: 64563744

Published

was a total loss, the “Valued Policy Law”, Section 627.702, F.S., applies. The statute in part provides: