The Florida Valued Policy Law primarily applies to which type of property?

The Florida Valued Policy Law is designed to ensure that policyholders can receive a predetermined amount of insurance coverage in the event of a total loss of specific types of property. This law specifically applies to policies covering mobile homes and certain other types of personal property, establishing that in the case of a total loss due to a covered peril, the insurer must pay the face value of the policy.

This regulation provides significant consumer protection by eliminating disputes regarding the value of the mobile home at the time of the loss. Under this law, when a total failure occurs, insurers are required to pay the agreed-upon value as stated in the policy, rather than assessing the market value or replacement cost at the time of the loss.

The other property types mentioned, such as single-family homes, commercial buildings, and condos, may follow different insurance regulations and provisions that do not specifically align with the Valued Policy Law, which is primarily aimed at protecting the interests of mobile home owners.