Wind and flood coverage in residential and commercial property insurance policies.

For residential and commercial property insurance policies issued or renewed on or after October 1, 2023:

(1) If a residential or commercial property insurer requires that an insured or applicant have coverage for the peril of flood when the insurer issues a policy covering the peril of wind, unless the insurer verifies that the insured or applicant has coverage for the peril of flood at the time the policy was issued or renewed, the insurer may not deny a claim for wind solely because the insured does not have coverage for the peril of flood, unless flood coverage that was verified at the time of application or renewal, or equivalent coverage, is not in force at the time of the loss.

(2) In addition to coverage for the peril of flood directly secured by the insured or applicant, a master flood policy that is issued to someone other than the insured or applicant and that includes the insured or applicant as an intended or third-party beneficiary under the master flood policy is acceptable proof of coverage for the peril of flood for the purposes of this section.