Florida residents who receive homeowners insurance through their employer must pay the full cost for the coverage and, if they choose, can choose to get a second coverage of $1,500 or less.
The new state law requires them to do this for any insurance that’s paid for by their employer.
Some insurance companies will still offer additional coverage.
The law was passed by Florida’s House of Representatives on Tuesday, making it the first state in the country to require homeowners insurance coverage to be at least $1.5 million.
Florida is the first in the nation to require this, according to the American Association of Insurance Commissioners.
The new law applies to all Florida homeowners, regardless of their income level, age, marital status or whether they have children under 18.
It will apply to all owners and renters regardless of whether they’re insured through their own company or an employer.
The Insurance Institute for Highway Safety estimates that about 1 in 10 cars in the United States are in the process of being repaired.
The average repair time is five years, according the institute.
The Institute of Insurance Regulation estimates that 1 in 100 car buyers are underinsured, meaning that the insurance company would be required to cover at least 30 percent of the costs.
That number is up from about 1 out of 100 in 2013, according a report by the Institute of Motor Vehicles.
A study released earlier this month by the National Association of Home Builders found that a home’s cost to repair is a factor that influences the number of people who purchase insurance.
About one in four consumers in the U.S. buy home insurance, and more than one in three say their home is underinsured by more than $1 million, according an October report by NADA.NADA also reported that fewer than 1 percent of homes in the market were underinsured.
The Associated Press contributed to this report.