• The formula used in the example above is amount carried / amount needed * the amount of loss = the amount payable by the insurer.
•  For instance, if you carried a $100,000.00 coverage limit when in fact the amount needed to meet the policy requirements is $200,000.00 and you have a partial loss of $50,000.00, the company would only pay $25,000.00 of the partial loss which is 50% of the loss. 

• After the first 90 days of contract, the insurer may only cancel for misrepresentation, non-payment of premium, failure to comply with underwriting requirements, a substantial change in the risk, or if all policies in a given class of insureds are being cancelled.

  • Exception: Insurers may cancel policies with 45-days advance notice if the Office of Insurance Regulation (OIR) determines that the early cancellation of the policies is necessary to protect the best interests of the public or policyholders. The OIR must also approve the insurer’s plan for early cancellation or nonrenewal.

Property Insurance Corporation must give a 45-day advance written notice for policies being assumed by an authorized insurer.

Home and motor vehicle policy combined: 90-days advance notice of nonrenewal for policies

Insured less than 5 years, not effective during hurricane season:100-days advance notice 

Insured less than 5 years, effective during hurricane season: 100-days notice or by June 1st, whichever is earlier

Insured 5 or more years: 120-days advance notice if the policy has been in effect for at least 5 years with the insurer or its affiliate

• Declarations
• one of 6 forms 
• mandatory and optional endorsements

• the insured should promptly notify their agent or insurance company, and review the Conditions
• The insured has a responsibility to mitigate damages to their property, or protect the property from further damage. The insured should make reasonable temporary repairs and keep accurate records and receipts of those repairs
• The insured should also compile an inventory of all damaged personal property
• The insured must cooperate with the company in the investigation of the claim

Florida law requires insurance companies, upon receipt of a claim for a sinkhole loss to a covered building, to inspect the premises to determine if there is structural damage. repairs to the structure and contents must be completed within 12 months after entering into a contract for the repair. Unless:

• There is a mutual agreement between the insurer and the policyholder; The claim is involved with the neutral evaluation process The claim is in litigation; or The cliam is under appraisal or mediation.