A proposal for insurance would cover unpaid mortgages.
Best Proposal Lines: (SB 1070)
Two Republican lawmakers have filed a proposal that would enable consumers to purchase policies that would only cover unpaid mortgage loan amounts, just as Florida homeowners are struggling with rising property insurance rates.
Following the filing of an identical House version (HB 809) this month by Rep. Alina Garcia, also of Miami, Sen. Ileana Garcia, R-Miami, filed the proposal (SB 1070) in the Senate on Wednesday.
Because mortgage loan-based policies would be less expensive than fully insuring homes, the proposal could lower insurance premiums.
But since insurance would pay less of the cost to replace or repair damaged homes, such policies would put homeowners at greater financial risk.
Business Proposal Episode 1
According to the proposal, insurers would have to notify customers who select mortgage loan-based policies.
A portion of the notice would state that “you will incur significant financial losses, including the potential loss of some of your home’s equity, in the event of a total loss of your home or a loss for which the cost to repair your home exceeds the unpaid balance of your mortgage loan.”
Homeowners with mortgages are required by lenders to maintain insurance coverage. The proposal has been submitted for review in the upcoming legislative session, which convenes on January 9.
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