Cole v. Citizens Property Insurance Corp.
After the named insured quitclaimed her insured home to an LLC in which she held a 25% interest, Citizens moved to dismiss her and the LLC's breach-of-contract and declaratory claims for lack of insurable interest and standing. The Third DCA reversed, holding that under section 627.405 an insurable interest turns on a substantial economic interest rather than title, which is a fact question that cannot be resolved on a motion to dismiss, and that the LLC's alleged insurable interest was not conclusively negated by the attached policy. On rehearing the court distinguished Reconco v. Integon, where the forced-placed policy expressly disclaimed any contract with the mortgagor.
Key facts
- Cole, the named insured, quitclaimed her insured home to an LLC in which she held a 25% interest, and both Cole and the LLC filed breach-of-contract and declaratory judgment claims against Citizens Property Insurance Corp.
- Citizens moved to dismiss Cole's and the LLC's claims for lack of insurable interest and standing based on the property transfer.
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Why it matters
Useful for first-party property counsel defending post-loss or pre-loss title transfers: it confirms that insurable interest under section 627.405 is an economic, fact-intensive question unsuitable for resolution on the… — full analysis with a trial
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