Home
Menu
Call attorney Graham Syfert at 904-383-7448
Personal Injury Lawyer
Florida Statute 627.702 | Lawyer Caselaw & Research
F.S. 627.702 Case Law from Google Scholar
Statute is currently reporting as:
Link to State of Florida Official Statute Google Search for Amendments to 627.702

The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE
Chapter 627
INSURANCE RATES AND CONTRACTS
View Entire Chapter
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 from cite.case.law:

C. GANZEMULLER R. v. OMEGA INSURANCE COMPANY,, 244 So. 3d 1189 (Fla. App. Ct. 2018)

. . . They argue that subsection 627.7011(5)(e), Florida Statutes (2015), which references subsection 627.702 . . . The issue on appeal is whether subsections 627.7011(5)(e) and 627.702(7) relieve the Ganzemullers and . . . Section 627.702 is titled "Valued policy law." . . . ." § 627.702(1)(a). . . . or replacement of damaged property is in lieu of liability under subsection 627.702(1), which deals . . .

SIEGEL v. TOWER HILL SIGNATURE INSURANCE COMPANY,, 225 So. 3d 974 (Fla. Dist. Ct. App. 2017)

. . . replacement cost coverage without reservation or hold-back of any depreciation in value, pursuant to s. 627.702 . . .

NOA, v. FLORIDA INSURANCE GUARANTY ASSOCIATION,, 215 So. 3d 141 (Fla. Dist. Ct. App. 2017)

. . . The VPL, section 627.702, Florida Statutes (2016), requires an insurer to pay the face amount for which . . .

FREEMAN v. AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA,, 180 So. 3d 1203 (Fla. Dist. Ct. App. 2015)

. . . Appellants argue that section 627.702, Florida Statutes (2008), Florida’s Valued Policy Law (“FVPL” or . . . property. ivas so insured as specified in the policy and for which a premium has been charged and paid. § 627.702 . . .

AMERICAN HOME ASSURANCE CO. INC. v. SEBO, A. T., 141 So. 3d 195 (Fla. Dist. Ct. App. 2013)

. . . .” § 627.702(l)(a), Fla. Stat. (2005). Ashe’s home was destroyed in Hurricane Ivan. . . . By the time the case reached the supreme court, the legislature had already amended section 627.702(1 . . . following the total loss, after considering all other benefits actually paid for the total loss. § 627.702 . . . See § 627.702(l)(c), Fla. Stat. (2005). . . . Florida does have a statute that applies when a building is a total loss, § 627.702, Fla. . . .

SLAYTON, v. UNIVERSAL PROPERTY AND CASUALTY INSURANCE COMPANY,, 103 So. 3d 934 (Fla. Dist. Ct. App. 2012)

. . . replacement cost coverage without reservation or holdback of any depreciation in value, pursuant to s. 627.702 . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. J. ASHE,, 50 So. 3d 645 (Fla. Dist. Ct. App. 2010)

. . . that wind caused a total loss to his insured property under Florida’s Valued Policy Law (VPL), section 627.702 . . . Section 627.702(1) provides in pertinent part that “[i]n the event of the total loss of any building . . . Mathis: In Cox, the Florida Supreme Court ruled that section 627.702(1), Florida Statutes (2004) was . . . Although the legislature amended section 627.702(1) in 2005, the parties agree the 2004 statute is applicable . . . Under the 2005 version of section 627.702(l)(b), the insurer would not be liable for more than the amount . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. T. HAMILTON L., 43 So. 3d 746 (Fla. Dist. Ct. App. 2010)

. . . See 877 So.2d 774 (Fla. 4th DCA 2004), superseded by statute, § 627.702(1)(b), Fla. . . . See § 627.702(1), Fla. Stat. (2004). . . . See § 627.702(1)(b), Fla. . . . See § 627.702(l)(a), Fla. Stat. . . . See § 627.702(5), Fla. Stat. . . .

FLORIDA FARM BUREAU CASUALTY INSURANCE COMPANY, v. F. MATHIS W., 33 So. 3d 94 (Fla. Dist. Ct. App. 2010)

. . . or constructive total loss of their home, so that under Florida’s Valued Policy Law (VPL), section 627.702 . . . In Cox, the Florida Supreme Court ruled that section 627.702(1), Florida Statutes (2004) was “intended . . . Section 627.702(1) provides in pertinent part: In the event of the total loss of any building ... insured . . .

STATE FARM FLORIDA INSURANCE COMPANY, v. NICHOLS aL., 21 So. 3d 904 (Fla. Dist. Ct. App. 2009)

. . . We also find it unnecessary to address the issue concerning the construction of section 627.702(l)(a) . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. MALLETT, 7 So. 3d 552 (Fla. Dist. Ct. App. 2009)

. . . Fla. 4th DCA 2004), in which the District Court held that, under the Valued Policy Law (VPL), section 627.702 . . . Section 627.702 does not establish any requirement for an insurer to pay for excluded or noncovered perils . . . The beginning phrase states: “In the event of the total loss ... as to a covered peril.... ” § 627.702 . . . Throughout section 627.702(1), the Legislature repeatedly relies upon the terms of the parties’ insurance . . . Section 627.702(1) explicitly states that “[i]n the event of the total loss of any building ... insured . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. UEBERSCHAER,, 979 So. 2d 929 (Fla. 2008)

. . . STAT. (2004), PRECLUDE AN AWARD OF POLICY LIMITS UNDER THE VALUED POLICY LAW, § 627.702(1), FLA. . . . decisions certifying the following related question was already pending review in this Court: DOES SECTION 627.702 . . .

STATE FARM FLORIDA INSURANCE COMPANY, v. A. ONDIS,, 979 So. 2d 930 (Fla. 2008)

. . . District Court of Appeal certified the following question as one of great public importance: DOES SECTION 627.702 . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. MANNING, 966 So. 2d 486 (Fla. Dist. Ct. App. 2007)

. . . trial court relied upon the interpretation of the 2004 version of Florida’s Valued Policy Law (VPL), § 627.702 . . .

E. CEBALLO, v. CITIZENS PROPERTY INSURANCE CORPORATION,, 967 So. 2d 811 (Fla. 2007)

. . . reasons stated below, we approve the decision of the Third District and hold that the VPL, section 627.702 . . . The plain language of Florida’s VPL, section 627.702,' Florida Statutes (2004), requires an insurer to . . . directly stated in the policy as a dollar amount specifically applicable to that particular structure.” § 627.702 . . .

FLORIDA FARM BUREAU CASUALTY INSURANCE COMPANY, v. A. COX,, 967 So. 2d 815 (Fla. 2007)

. . . upon the following question, which the court certified to be of great public importance: DOES SECTION 627.702 . . . The first is that the building be “insured by [an] insurer as to a [e.s.] covered peril.” § 627.702(1 . . . Section 627.702 does not establish any requirement for an insurer to pay for excluded or non-covered . . . The beginning phrase states: “In the event of the total loss ... as to a covered peril.... ” § 627.702 . . . Section 627.702(1) explicitly states that “[i]n the event of the total loss of any building ... insured . . .

CHAUVIN, v. STATE FARM FIRE CASUALTY CO. v. Co. L. v. v. J. Sr. v. v. v. Co. Sr. v. Co. Co. Co. Co. v. Co. v. AAA, 495 F.3d 232 (5th Cir. 2007)

. . . . § 627.702(1) (2003) with La.Rev.Stat. Ann. § 22.695(A). . . . Stat § 627.702(1) (emphasis added). . . . Stat. § 627.702(l)(a) (2005) (inserting the phrase "if caused by a covered peril” into Florida’s VPL) . . .

STATE FARM FLORIDA INSURANCE COMPANY, v. A. ONDIS F., 962 So. 2d 923 (Fla. Dist. Ct. App. 2007)

. . . Section 627.702, Florida Statutes (2004), also know as Florida’s Valued Policy Law (VPL), reads as follows . . . The first is that the building be “insured by [an] insurer as to a [e.s.] covered peril.” § 627.702(1 . . . Section 627.702(1), Florida Statutes, is triggered only when an insured building is rendered a “total . . . loss” as defined by Florida courts. § 627.702(1), Fla. . . . Thus, in order for appellees’ claim to fall within the scope of section 627.702(1), appellees must first . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. P. SWINSON,, 952 So. 2d 617 (Fla. Dist. Ct. App. 2007)

. . . Corporation, appeals a final summary judgment and argues that the Valued Policy Law, as set forth in section 627.702 . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. UEBERSCHAER,, 956 So. 2d 483 (Fla. Dist. Ct. App. 2007)

. . . insured property a total loss, which entitled him to policy limits from Citizens under the VPL, section 627.702 . . . property was so insured as specified in the policy and for which a premium has been charged and paid. § 627.702 . . . The first is that the building be “insured by [an] insurer as to a [e.s.] covered peril.” § 627.702(1 . . . relevant provisions of Citizens’ enabling legislation, section 627.351(6)(q), and the VPL, section 627.702 . . . See § 627.702(1). . . . STAT. (2004), PRECLUDE AN AWARD OF POLICY LIMITS UNDER THE VALUED POLICY LAW, § 627.702(1), FLA. . . .

VANGUARD FIRE AND CASUALTY COMPANY, v. H. GOLMON, 955 So. 2d 591 (Fla. Dist. Ct. App. 2006)

. . . (Fla. 4th DCA 2004), in which the Fourth District interpreted Florida’s Valued Policy Law, section 627.702 . . .

FLORIDA FARM BUREAU CASUALTY INSURANCE CO. v. A. COX, 943 So. 2d 823 (Fla. Dist. Ct. App. 2006)

. . . Section 627.702(1), sometimes referred to as the Valued Policy Law (VLP), states: In the event of the . . . Because section 627.702(1) addresses only valuation in the event of a total loss and does not address . . . PLAIN MEANING OF SECTION 627.702(1) — FLORIDA’S VPL Section 627.702(1) states in relevant part: “In the . . . The 2005 amendment is not retroactive. § 627.702(l)(c), Fla. . . . There are no additional facts to be discovered for the court to interpret section 627.702(1). . . . following question to the Florida Supreme Court as a question of great public importance: DOES SECTION 627.702 . . . . § 627.702(1), Fla. Stat. (2004). I. . . . property was so insured as specified in the policy and for which a premium has been charged and paid. § 627.702 . . . The first is that the building be “insured by [an] insurer as to a [e.s.] covered peril.” § 627.702(1 . . . provides that the insurer’s “liability” “if any” is in the amount for which the property is insured. § 627.702 . . . A similar bill, Senate Bill 1488, proposed to amend section 627.702, but did not include language stating . . .

T. GREER P. v. OWNERS INSURANCE COMPANY, 434 F. Supp. 2d 1267 (N.D. Fla. 2006)

. . . In plaintiffs’ complaint, they contend that Florida’s Valued Policy Law, Section 627.702(1) of the Florida . . . Specifically, Fidelity contends that plaintiffs’ Valued Policy Law claim based on Section 627.702(1) . . . Stat. § 627.702(1) ] also requires Owners to pay the full face amount of the plaintiffs’ policy, rather . . . Section 627.702 of the Florida Statutes, in effect at the time plaintiffs’ home was damaged, provided . . . Section 627.702 is triggered only when an insured building is rendered a “total loss” as defined by Florida . . .

LANGHORNE, v. FIREMAN S FUND INSURANCE COMPANY,, 432 F. Supp. 2d 1274 (N.D. Fla. 2006)

. . . . § 627.702. . . . Stat. § 627.702. . . . In relevant part, § 627.702 provides: (l)(a) In the event of the total loss of any building, structure . . . Stat. § 627.702. . . . .

CITIZENS PROPERTY INSURANCE CORPORATION, v. E. CEBALLO, 934 So. 2d 536 (Fla. Dist. Ct. App. 2006)

. . . property was a total loss as a result of a covered peril, under Florida’s Valued Policy Law, section 627.702 . . . Reversed and remanded; direct conflict certified. . 627.702. Valued policy law. . . .

STATE FARM FLORIDA INSURANCE COMPANY, v. MIX T., 928 So. 2d 488 (Fla. Dist. Ct. App. 2006)

. . . incident causing loss are necessarily related to the claim applying the Valued Policy Law, Section 627.702 . . .

MIERZWA, v. FLORIDA WINDSTORM UNDERWRITING ASSOCIATION,, 877 So. 2d 774 (Fla. Dist. Ct. App. 2004)

. . . . § 627.702(1), Fla. Stat. (2008). . . . The first is that the building be “insured by [an] insurer as to a [e.s.] covered peril.” § 627.702(i . . . VPL § 627.702(1) (“[T]he insurer’s liability, if any [e.s.] shall be [the face amount of insurance].” . . . VPL § 627.702(1) (“insured by any insurer as to a [e.s.] covered peril”). . . . Redding, 47 Fla. 228, 37 So. 62, 65 (1904) (construing predecessor to section 627.702(1)). . . .

LLANA, v. STATE FARM FIRE AND CASUALTY COMPANY,, 688 So. 2d 388 (Fla. Dist. Ct. App. 1997)

. . . See § 627.702(8), Fla. Stat. (1991). . . .

V. HALLCOM L. T. v. ALLSTATE INSURANCE COMPANY, USAA, 654 So. 2d 245 (Fla. Dist. Ct. App. 1995)

. . . Allstate and USAA are prohibited from prorating their payments, the Halleoms rely principally upon section 627.702 . . . (2), Florida Statutes (1993), which must be read together with section 627.702(1): (1) In the event of . . . correctly we believe, that the “valued policy law” was unavailing to the Hall-eoms because of section 627.702 . . . The present case, however, includes the additional fact that, because of section 627.702(3)(a) and the . . . We believe that the trial court’s summary final judgment is consistent with section 627.702(3)(a), Florida . . .

MAYFLOWER CORPORATION v. O. DAVIS,, 655 So. 2d 1134 (Fla. Dist. Ct. App. 1994)

. . . . § 627.702, Fla.Stat. (1993) (“In the event of the total loss of any building, ... the insurer's liability . . .

STATE FARM FIRE AND CASUALTY COMPANY, v. B. PATRICK,, 647 So. 2d 983 (Fla. Dist. Ct. App. 1994)

. . . Patrick argues that the partial withholding until the repair work is completed is prohibited by section 627.702 . . . However, section 627.702(2) is not applicable because it covers only partial loss from fire or lightning . . . This Court does not address the issue of whether an insurance company under section 627.702(2), Florida . . .

DAY, v. STATE FARM FIRE CASUALTY COMPANY,, 611 So. 2d 105 (Fla. Dist. Ct. App. 1992)

. . . Day’s home was totally destroyed by the fire; as such, section 627.702, Florida Statutes (1989), would . . .

E. HART, v. STATE, 524 So. 2d 707 (Fla. Dist. Ct. App. 1988)

. . . the replacement cost of the property under the terms of the policy and pursuant to Florida Statute 627.702 . . .

UNDERWRITERS INSURANCE COMPANY, v. KIRKLAND, WHITMAN WHITMAN, INC. v. UNDERWRITERS INSURANCE COMPANY, KIRKLAND, v. WHITMAN WHITMAN, INC., 490 So. 2d 149 (Fla. Dist. Ct. App. 1986)

. . . Further, section 627.702, Florida Statutes (Florida’s “valued policy” law) provides that in the event . . . the amount of damages due on the residence, was determined by the policy itself, pursuant to section 627.702 . . .

K. SMIGIEL, v. AETNA CASUALTY AND SURETY COMPANY,, 785 F.2d 922 (11th Cir. 1986)

. . . . § 627.702 (1981), applied different rules of recovery to partial and total losses. . . . Fla.Stat. § 627.702 (1981) provides in pertinent part: (1) In event of total loss by fire or lightning . . .

M. L. COOPER, v. ALFORD,, 446 So. 2d 1093 (Fla. Dist. Ct. App. 1984)

. . . Furthermore, the Springfield decision was based upon the provisions of the Florida Valued Policy Law, section 627.702 . . . Section 627.702(3)(a), as amended effective July 3,1980 (and thus controlling on the dispute in this . . . of his duplicate insurance coverage with Allstate, falls squarely within this exception of section 627.702 . . . Cooper’s legal obligation to so inform the owners and their insurers of this additional insurance. § 627.702 . . .

M. SMITH, v. NATIONWIDE MUTUAL FIRE INSURANCE CO., 564 F. Supp. 350 (N.D. Fla. 1983)

. . . Plaintiffs suggest that when Florida's valued policy law, Florida Statutes § 627.702 (1979), is coupled . . .

INDEPENDENT FIRE INSURANCE COMPANY, v. SHEFFIELD,, 404 So. 2d 406 (Fla. Dist. Ct. App. 1981)

. . . The only issue presented by this appeal is whether section 627.702, Florida Statutes (Supp.1980), applies . . . Appellee successfully contended in the trial court that section 627.702, the Valued Policy Law, applies . . . Section 627.702, Florida Statutes (Supp. 1980), provides in relevant part: (1) In event of total loss . . .

FOREMOST INSURANCE COMPANY, v. H. MEDDERS FLORIDA FARM BUREAU MUTUAL INSURANCE COMPANY, v. H. MEDDERS, 399 So. 2d 128 (Fla. Dist. Ct. App. 1981)

. . . Sec. 627.702, Fla.Stat. (1977). . . . After a non-jury trial the court found section 627.702, Florida Statutes (1977), to be controlling; the . . . Section 627.702, Florida Statutes (1977), stated that the valued policy law applied to buildings and . . . Sec. 627.702(1), Fla. Stat. (1979). (Emphasis added). . . . In order to give meaning to all of these changes and all of the parts of section 627.702, it must be . . .

MEDDERS, v. FOREMOST INSURANCE CO. MEDDERS, v. FLORIDA FARM BUREAU INSURANCE CO., 49 Fla. Supp. 191 (Volusia Cty. Cir. Ct. 1979)

. . . Section 627.702. 2. . . . S. 627.702, has the effect of making all fire insurance policies “valued policies” and in the case of . . .

INTERSTATE FIRE INSURANCE COMPANY, v. B. HAMILTON,, 356 So. 2d 1348 (Fla. Dist. Ct. App. 1978)

. . . found on the policy insuring the building, which was a total loss, the “Valued Policy Law”, Section 627.702 . . .

REGENCY BAPTIST TEMPLE, v. INSURANCE COMPANY OF NORTH AMERICA,, 352 So. 2d 1242 (Fla. Dist. Ct. App. 1977)

. . . of loss by fire or lightning, such a provision conflicts with Florida’s valued policy law, Section 627.702 . . .

SPERLING v. LIBERTY MUTUAL INSURANCE COMPANY, a, 281 So. 2d 297 (Fla. 1973)

. . . . § 627.702, F.S.A. . . .