Fla. Stat. 627.7153
Policies restricting assignment of post-loss benefits under a property insurance policy
(1)
As used in this section, the term “assignment agreement” has the same meaning as provided in s. 627.7152.(2)
An insurer may make available a policy that restricts in whole or in part an insured’s right to execute an assignment agreement only if all of the following conditions are met:The insurer makes available to the insured or potential insured at the same time the same coverage under a policy that does not restrict the right to execute an assignment agreement.Each restricted policy is available at a lower cost than the unrestricted policy.The policy prohibiting assignment in whole is available at a lower cost than any policy prohibiting assignment in part.Each restricted policy include on its face the following notice in 18-point uppercase and boldfaced type:THIS POLICY DOES NOT ALLOW THE UNRESTRICTED ASSIGNMENT OF POST-LOSS INSURANCE BENEFITS. BY SELECTING THIS POLICY, YOU WAIVE YOUR RIGHT TO FREELY ASSIGN OR TRANSFER THE POST-LOSS PROPERTY INSURANCE BENEFITS AVAILABLE UNDER THIS POLICY TO A THIRD PARTY OR TO OTHERWISE FREELY ENTER INTO AN ASSIGNMENT AGREEMENT AS THE TERM IS DEFINED IN SECTION 627.7152 OF THE FLORIDA STATUTES.
(a)
The insurer makes available to the insured or potential insured at the same time the same coverage under a policy that does not restrict the right to execute an assignment agreement.(b)
Each restricted policy is available at a lower cost than the unrestricted policy.(c)
The policy prohibiting assignment in whole is available at a lower cost than any policy prohibiting assignment in part.(d)
Each restricted policy include on its face the following notice in 18-point uppercase and boldfaced type:THIS POLICY DOES NOT ALLOW THE UNRESTRICTED ASSIGNMENT OF POST-LOSS INSURANCE BENEFITS. BY SELECTING THIS POLICY, YOU WAIVE YOUR RIGHT TO FREELY ASSIGN OR TRANSFER THE POST-LOSS PROPERTY INSURANCE BENEFITS AVAILABLE UNDER THIS POLICY TO A THIRD PARTY OR TO OTHERWISE FREELY ENTER INTO AN ASSIGNMENT AGREEMENT AS THE TERM IS DEFINED IN SECTION 627.7152 OF THE FLORIDA STATUTES.
(3)
The insurer shall notify the insured at least annually of the coverage options the insurer makes available under this section. Such notice must be part of and attached to the notice of premium.(4)
A named insured must reject a fully assignable policy in writing or electronically. The rejection of a fully assignable policy shall be made on a form approved by the office. The form must state that the policy restricts the assignment of benefits. The heading of the form shall be in 18-point uppercase and boldfaced type and state:YOU ARE ELECTING TO PURCHASE AN INSURANCE POLICY THAT RESTRICTS THE ASSIGNMENT OF BENEFITS UNDER THE POLICY IN WHOLE OR IN PART. PLEASE READ CAREFULLY.
(5)
This section applies to a policy issued or renewed on or after July 1, 2019.
Source:
Section 627.7153 — Policies restricting assignment of post-loss benefits under a property insurance policy, https://www.flsenate.gov/Laws/Statutes/2024/0627.7153 (accessed Aug. 7, 2025).