Florida Statute 627.702 | Lawyer Caselaw & Research

The 2024 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 Casetext

Amendments to 627.702

Arrestable Offenses / Crimes under Fla. Stat. 627.702

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.702.

Annotations, Discussions, Cases:

Cases Citing Statute 627.702

Total Results: 20

BEVERLY WILLIAMS v. CITIZENS PROPERTY INSURANCE CORPORATION

Court: Fla. Dist. Ct. App. | Date Filed: 2021-08-18T00:53:00-07:00

Snippet: Florida’s Valued Policy Law, codified in section 627.702 of the Florida Statutes, establishes an insurer…so insured as specified in the policy. . . .” § 627.702(1), Fla. Stat. (2017).

PEOPLE'S TRUST INSURANCE COMPANY v. PEDRO R. RAMOS SANTOS

Court: Fla. Dist. Ct. App. | Date Filed: 2021-05-12T00:53:00-07:00

Snippet: property in compliance with its policy and s. 627.702(7).”); Prepared Ins. Co. v. Gal, 209 So. 3d 14

MARTHA CASTRO v. PEOPLE'S TRUST INSURANCE COMPANY

Court: Fla. Dist. Ct. App. | Date Filed: 2021-04-28T00:53:00-07:00

Snippet: compliance with its policy and s. 627.702(7).” (emphasis added). Section 627.702(7), in turn, provides: …type of loss addressed by [section] 627.702(7).” Because section 627.702(7) is found in the section governing…any depreciation in value, pursuant to s. 627.702. 4 § 627.7011…in excess of the cost of replacement. § 627.702(7), Fla. Stat. (2017). With these parameters… property in compliance with its policy and s. 627.702(7),” legislative intent mandates that the word

ALBERT GANZEMULLER v. OMEGA INSURANCE CO.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-04-27T00:53:00-07:00

Snippet: policy and s. 627.702(7)." § 627.7011(5)(e). Even though subsection 627.702(7) is contained… Statutes (2015), which references subsection 627.702(7), prohibits an insurer from requiring that the…appeal is whether subsections 627.7011(5)(e) and 627.702(7) relieve the Ganzemullers and potential class…contractual interpretation. Section 627.702 is titled "Valued policy law." Subsection… a premium has been charged and paid." § 627.702(1)(a). Subsection (7) provides as follows:

Siegel v. Tower Hill Signature Insurance Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2017-08-30T00:00:00-07:00

Citation: 225 So. 3d 974, 2017 Fla. App. LEXIS 12424

Snippet: hold-back of any depreciation in value, pursuant to s. 627.702. (emphasis added). On its face, the current

Noa v. Florida Insurance Guaranty Assoc.

Court: Fla. Dist. Ct. App. | Date Filed: 2017-03-22T00:00:00-07:00

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

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

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

Court: Fla. Dist. Ct. App. | Date Filed: 2015-12-10T00:00:00-08:00

Citation: 180 So. 3d 1203, 2015 WL 8519512

Snippet: Company of Florida. Appellants argue that section 627.702, Florida Statutes (2008), Florida’s Valued Policy…which a premium has been charged and paid. § 627.702, Fla. Stat. (2008) (emphasis , added), FVPL

American Home Assurance Co. v. Sebo

Court: Fla. Dist. Ct. App. | Date Filed: 2013-09-18T00:00:00-07:00

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

Snippet: which a premium has been charged and paid.” § 627.702(l)(a), Fla. Stat. (2005). Ashe’s home was destroyed…the following certified question: DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS THE…court, the legislature had already amended section 627.702(1) to provide that: (b) The intent of this subsection…other benefits actually paid for the total loss. § 627.702(1), Fla. Stat. (2005). Thus, the Ashe court ruled…Sebo’s claim was filed in December 2005. See § 627.702(l)(c), Fla. Stat. (2005). Because a retrial is

Slayton v. Universal Property & Casualty Insurance Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2012-11-30T00:00:00-08:00

Citation: 103 So. 3d 934, 2012 WL 5969637, 2012 Fla. App. LEXIS 20583

Snippet: holdback of any depreciation in value, pursuant to s. 627.702. No. 5D11-2716 District Court of Appeal

Citizens Property Insurance Corp. v. Ashe

Court: Fla. Dist. Ct. App. | Date Filed: 2010-11-17T00:00:00-08:00

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

Snippet: under Florida’s Valued Policy Law (VPL), section 627.702, Florida Statutes (2004). We find that the trial…any further payment. This action ensued. Section 627.702(1) provides in pertinent part that “[i]n the event…, the Florida Supreme Court ruled that section 627.702(1), Florida Statutes (2004) was ‘intended only …. . Although the legislature amended section 627.702(1) in 2005, the parties agree the 2004 statute …these facts. Under the 2005 version of section 627.702(l)(b), the insurer would not be liable for more

Citizens Property Insurance Corp. v. Hamilton

Court: Fla. Dist. Ct. App. | Date Filed: 2010-07-07T00:00:00-07:00

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

Snippet: windstorm by a “valued policy” subject to section 627.702, Florida Statutes (2004). Appellees advanced the…interpreted the Valued Policy Law (VPL), section 627.702, Florida Statutes (2004), to allow an insured whose… (Fla. 4th DCA 2004), superseded by statute, § 627.702(1)(b), Fla. Stat. (2005), as recognized in Fla.…rule had not been legislatively altered. See § 627.702(1), Fla. Stat. (2004). Appellees also raise a credible…previously part of our canon of common law. See § 627.702(1)(b), Fla. Stat. (2005) (providing that “[t]he

Florida Farm Bureau Casualty Insurance v. Mathis

Court: Fla. Dist. Ct. App. | Date Filed: 2010-04-20T00:00:00-07:00

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

Snippet: Florida's Valued Policy Law (VPL), section 627.702(1), Florida Statutes (2004),[1] they were entitled…, the Florida Supreme Court ruled that section 627.702(1), Florida Statutes (2004) was "intended …LEWIS and ROWE, JJ., concur. NOTES [1] Section 627.702(1) provides in pertinent part: In the event of

State Farm Florida Insurance Co. v. Nichols

Court: Fla. Dist. Ct. App. | Date Filed: 2009-11-06T00:00:00-08:00

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

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

Citizens Property Insurance Corp. v. Mallett

Court: Fla. Dist. Ct. App. | Date Filed: 2009-02-27T00:00:00-08:00

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

Snippet: peril...." § 627.702(1), Fla. Stat. (2004) (emphasis added). Throughout section 627.702(1), the Legislature…that, under the Valued Policy Law (VPL), section 627.702(1), Florida Statutes, an insurer must pay the face…importance to the Florida Supreme Court: Does section 627.702(1), Florida Statutes (2004), referred to as the…importance, the VPL does not mention causation. Section 627.702 does not establish any requirement for an insurer…contract and discusses only covered perils. Section 627.702(1) explicitly states that "[i]n the event

CITIZENS PROPERTY INS. CORP. v. Ueberschaer

Court: Fla. | Date Filed: 2008-03-27T00:53:00-07:00

Citation: 979 So. 2d 929

Snippet: OF POLICY LIMITS UNDER THE VALUED POLICY LAW, § 627.702(1), FLA. STAT. (2004), WHEN THE COVERED PERIL OF…already pending review in this Court: DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS THE

STATE FARM FLORIDA INSURANCE COMPANY v. Ondis

Court: Fla. | Date Filed: 2008-03-27T00:53:00-07:00

Citation: 979 So. 2d 930

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

Citizens Property Ins. Corp. v. Manning

Court: Fla. Dist. Ct. App. | Date Filed: 2007-10-15T00:53:00-07:00

Citation: 966 So. 2d 486

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

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

Court: Fla. | Date Filed: 2007-09-20T00:53:00-07:00

Citation: 967 So. 2d 815

Snippet: . . ." § 627.702(1), Fla. Stat. (2004) (emphasis added). Throughout section 627.702(1), the Legislature…to be of great public importance: DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS THE… insurer as to a [e.s.] covered peril." § 627.702(1). The second is that the building be a total …for which a premium has been charged and paid. § 627.702(1), Fla. Stat. (2004). A plain reading of the statute…importance, the VPL does not mention causation. Section 627.702 does not establish any requirement for an insurer

Ceballo v. Citizens Property Ins. Corp.

Court: Fla. | Date Filed: 2007-09-20T00:00:00-07:00

Citation: 967 So. 2d 811

Snippet: Third District and hold that the VPL, section 627.702, Florida Statutes (2004), does not override the… plain language of Florida's VPL, section 627.702, Florida Statutes (2004), requires an insurer to…applicable to that particular structure." § 627.702(5), Fla. Stat. (2004). Since the supplemental coverage

Citizens Property Ins. Corp. v. Ueberschaer

Court: Fla. Dist. Ct. App. | Date Filed: 2007-05-25T00:53:00-07:00

Citation: 956 So. 2d 483

Snippet: policy limits from Citizens under the VPL, section 627.702(1), Florida Statutes (2004). He further alleged…for which a premium has been charged and paid. § 627.702(1). In Mierzwa the insured had a windstorm insurance… insurer as to a [e.s.] covered peril." § 627.702(1). The second is that the building be a total …legislation, section 627.351(6)(q), and the VPL, section 627.702(1), as they address different situations. See generally…is a total loss, is addressed by the VPL. See § 627.702(1). The insurance carrier is, therefore, responsible