Florida Statute 627.714 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.714

627.714 Residential condominium unit owner coverage; loss assessment coverage required.—

(1) For policies issued or renewed on or after July 1, 2010, coverage under a unit owner’s residential property policy must include at least $2,000 in property loss assessment coverage for all assessments made as a result of the same direct loss to the property, regardless of the number of assessments, owned by all members of the association collectively if such loss is of the type of loss covered by the unit owner’s residential property insurance policy, to which a deductible of no more than $250 per direct property loss applies. If a deductible was or will be applied to other property loss sustained by the unit owner resulting from the same direct loss to the property, no deductible applies to the loss assessment coverage.

(2) The maximum amount of any unit owner’s loss assessment coverage that can be assessed for any loss shall be an amount equal to that unit owner’s loss assessment coverage limit in effect 1 day before the date of the occurrence that gave rise to the loss. Such coverage is applicable to any loss assessment regardless of the date of the assessment by the association. Any changes to the limits of a unit owner’s coverage for loss assessments made on or after the day before the date of the occurrence are not applicable to such loss.

(3) Regardless of the number of assessments, an insurer providing loss assessment coverage to a unit owner is not required to pay more than an amount equal to that unit owner’s loss assessment coverage limit as a result of the same direct loss to property.

(4) Every individual unit owner’s residential property policy must contain a provision stating that the coverage afforded by such policy is excess coverage over the amount recoverable under any other policy covering the same property. If a condominium association’s insurance policy does not provide rights for subrogation against the unit owners in the association, an insurance policy issued to an individual unit owner in the association may not provide rights of subrogation against the condominium association.

History.—s. 5, ch. 2010-174; s. 12, ch. 2020-63; s. 1, ch. 2021-99.

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Amendments to 627.714

Arrestable Offenses / Crimes under Fla. Stat. 627.714

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.714.

Annotations, Discussions, Cases:

Cases Citing Statute 627.714

Total Results: 3

UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY, A/S/O VIRGILIO PEREZ Y. PEREZ AND A/S/O SIRKKA v. LAGUNA RIVIERA CONDOMINIUM ASSOCIATION, INC.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-05-17T00:00:00-07:00

Snippet: because the trial court properly applied section 627.714(4), Florida Statutes (2022), in entering judgment…code and added the following language to section 627.714(4): If a condominium association's insurance…Association answered the complaint and asserted section 627.714(4) as an affirmative defense. The Association also…Based on this waiver and the language of section 627.714(4) as amended, the Association moved for judgment…policy and that the July 2021 amendment to section 627.714(4) does not and cannot apply retroactively to impair

UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY, A/S/O VIRGILIO PEREZ Y. PEREZ AND A/S/O SIRKKA PEREZ v. LAGUNA RIVIERA CONDOMINIUM ASSOCIATION, INC.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-03-01T00:00:00-08:00

Universal Property & Casualty Insurance Corporation a/s/o Delores Senko v. Grove Isle at Vero Beach Condominium Association, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-02-28T00:00:00-08:00

Snippet: association.” § 627.714(4), Fla. Stat. (2021). So if the amendments to section 627.714(4) apply retroactively…section 627.714 applies to “policies issued or renewed on or after July 1, 2010 . . . .” § 627.714(1). 2…retroactive application of amendments to section 627.714(4), Florida Statutes (2021). We conclude the court…issued, the Florida Legislature amended section 627.714 to state that if a condominium association’s policy…the pleadings, arguing the amendment to section 627.714(4) foreclosed Universal’s action. Grove Isle argued