The steps agents must take if the suggested modifications are made to current coverage are established by the Florida Replacement Rule.
The Florida Replacement Rule is applicable in each of these circumstances. A policyholder who already has one purchases a second one from the same insurer, though.
Whether or not the insured replaces the property, the insurer must provide coverage under which the insurer is required to pay the replacement cost without deduction or holdback for any loss in value.
An old policy or contract is replaced when a new one is bought and you stop paying the premiums on it as part of the transaction, or when an existing policy or contract is relinquished, forfeited, or assigned to the replacing insurer.
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