Florida Insurance Reform

Top FAQs for Florida Insurance Reform

Florida Insurance Reform Law SB-2D Approved | Chartwell Law

Category: Major Insurance Reform Package That Will Directly Impact The Property Insurance Industry In The State

Florida just adopted a major insurance reform package that will directly impact the property insurance industry in the state. On May 24, 2022, the Florida Senate voted 30-9 to approve SB-2D, and then on May 25, 2022, the House passed the bill with a vote of 95-14. Governor DeSantis signed the bill into law on May 26, 2022.

In announcing his signing of the bill, DeSantis called the reform package “the most significant reforms to Florida’s homeowners insurance market in a generation.” Below we provide a quick outline of some of the important components of this new legislation:

Attorneys’ fees are no longer recoverable under an AOB except pursuant to Florida Statute Section 57.105. This prohibition is not limited solely to “Assignees” under § 627.7152, but also extends to “anyone other than a named or omnibus insured or a named beneficiary.” As such, in addition to impacting vendors operating under an AOB, another significant aspect of this change is this prohibition appears to include post-loss purchasers of an insured property. The relevant sections are as follows:

(4) In a suit arising under a residential or commercial property insurance policy, the right to attorney fees under this section may not be transferred to, a-signed to, or acquired in any other manner by anyone other than a named or omnibus insured or a named beneficiary. *Identical language has been adopted for surplus lines’ carriers under § 626.9373(3)‍

The “AOB Statute” - Florida Statute Section 627.7152 - has been amended to eliminate attorney fee recovery under that section stating, “attorney fees and costs may be recovered by an a-signee only under s. 57.105.” ‍

Preview

Property Insurance Reform Bill Signed by Florida Gov. DeSantis – NBC 6 South Florida

Category: Insurance Reform

On Thursday, a property insurance reform bill passed by the state legislature in a special session this week was presented to and signed by Florida Gov. Ron...

On Thursday, a property insurance reform bill passed by the state legislature in a special session this week was presented to and signed by Florida Gov. Ron DeSantis. It was the last step in a process many Florida homeowners have been following closely.

Veronica Solomon is among them. When she spoke to NBC 6 at her Miramar home a few weeks earlier, she was worried about the long-term impact of rising homeowner’s insurance premiums. She said it was one of the reasons why she continued to work. She also said she was hoping to retire from her job as a 911 dispatcher in five years, but was not sure if that would be possible.

What lawmakers did pass in SB 2D included several roof-related provisions. Among them: allowing residential insurers to require a separate roof deductible that’s no more than 2% of the policy dwelling limits or 50% of roof replacement costs, whichever is less; homeowners with a roof deductible would get a premium credit or discount; allowing certain roofs that are more than 25% damaged to be repaired, instead of being required to be replaced; and prohibiting companies from refusing to write or renew policies on homes with roofs that are less than 15 years old solely because of the age of the roof or for roofs that are over 15 years old, if an inspection shows the roof has five or more years of useful life left. You can read more about the reforms here.

“Our initial a-sessment of the bills that were passed doesn’t show any opportunity to make this a more robust market,” he said. “The legislature did not address the root causes of our homeowner’s insurance crisis in Florida.”

“My pockets don’t run deep,” she said. “I’m just like everybody else. I work every day to rob Peter to pay Paul and right now I’m robbing Peter and Paul to pay Henry.”

Preview

Governor DeSantis Signs Legislation to Continue Insurance Reform in Florida

Category: Insurance Reform

BRADENTON, Fla. – Today, Governor Ron DeSantis signed SB 76, which builds on Governor DeSantis’ commitment to insurance reform in Florida. This bill protects Florida families by restructuring litigation rules for disputed insurance claims; expressly disallows contractors, public adjusters, and companies from using prohibited advertisements that encourage Floridians to make an insurance claim for roof damage; and imposes a fine of up to $10,000 when companies violate the law.

“I’m proud to sign SB 76 today to continue our mission of insurance reform in Florida,” said Governor Ron DeSantis. “Since my first days in office, I have been committed to doing whatever it takes to reduce the burden of property insurance on Florida families. That includes signing into law historic reforms to the a-signment of benefits process and appointing principled justices to our state courts. I want to thank President Simpson, Speaker Sprowls, Representative Rommel, and Senator Boyd for their hard work to pass this thoughtful legislation.”

“I applaud Governor DeSantis for taking action today on critical insurance reform,” said Insurance Commissioner David Altmaier. “The action today builds on the commitment the DeSantis administration has shown since Day One to make meaningful insurance reforms that help protect all Floridians by promoting the long-term sustainability of Florida’s insurance market and keeping our market competitive. Thanks to CFO Patronis, President Simpson, Speaker Sprowls, Senator Boyd, Representative Rommel, and the Florida Legislature for crafting this thoughtful legislation. Senate Bill 76 takes important steps to address the unique challenges facing the Florida property insurance market, address cost drivers within the market, and help stabilize rates for consumers.”

“Florida has become a beacon for companies who canvass neighborhoods creating roofing claims that would not otherwise be filed, driving up the cost of insurance for everyone. To mitigate these rising premiums, this legislation prohibits predatory roofing advertisement to prevent the abuse of fraudulent claims by contractors trying to take advantage of homeowners,” said Senate President Wilton Simpson. “The bill also establishes fair and reasonable guidelines for both the insurer and the insured during the claims process. I’m grateful to Senator Boyd for his leadership in guiding this legislation across the finish line and to Governor DeSantis for the strong stand he is taking to ensure Floridians have more affordable property insurance that they can count on in the horrible circumstance where a home is severely damaged or destroyed.”

“Homeownership is the foundation of the American Dream,” said Florida House Speaker Chris Sprowls. “Today’s reforms to our property insurance market help protect that dream for decades to come by bolstering the market, increasing affordability, and protecting consumers from fraud and abuse. This thoughtful and bold reform package, that defends Florida’s homeowners, is made possible through the leadership of Governor DeSantis, and strong leaders like President Simpson as well as Senator Boyd and Representative Rommel, who worked diligently through these complex issues to protect Floridians across the state.”

Preview

Hurricane Ian could be ‘one of the most severe loss events in U.S. history’: Insurance expert

5:31 - 2 years ago

... and over-litigation in Florida's insurance markets, the losses expected from Hurricane Ian, and insurance reform legislation.

Florida Governor signs property insurance reform legislation | PropertyCasualty360

Category: Florida Governor Signs Property Insurance Reform

In addition to addressing rising costs and claims transparency, the reforms also tackle condo and co-op safety.

“These bills will help stabilize a problematic market, help Floridians harden their homes through the My Safe Florida Home Program and pave the way for more choices for homeowners,” Florida Gov. Ron DeSantis said in a release.

Calling it the most significant reforms to the state’s home insurance market in generations, Florida Gov. Ron DeSantis signed a bill that lawmakers hope will alleviate the state’s rising insurance costs, improve transparency in the claims process and reduce “frivolous,” lawsuits, according to a release from the governor’s office.

Sharing data within the program business market is crucial for reporting purposes but embracing truly frictionless data sharing can also improve overall business performance - if certain challenges can be overcome. Download this free guide and learn how automated, smart systems can help improve data validation, risk management and is critical for governance reporting and value-added analysis.

Download this white paper and learn how strategies such as integrating flexible work models and appropriately blending automation with personalized (e.g. human) service can help insurance companies meet evolving needs for running their business and for best serving their customers and employees.

Download this guide to learn how low-code development can benefit your company and how to find the best platform--one that delivers powerful process automation capabilities in addition to low-code speed, catering to developers and non-technical users alike and enable rapid change by allowing users to create complex business flows in an artificial intelligence-assisted, visual, drag-and-drop design environment.

Preview

2022 Florida Property Insurance Reform Part I - Forte Investigations

Category: Insurance Reform

Learn about three main areas that lawmakers believe are contributing to the Florida insurance crisis: Florida contractors waiving deductibles, contractor a-signment of benefits and prevailing party fees, and the implementation of roof deductibles.

As Florida insurers reach insolvency at alarming rates, the Florida Senate Appropriations Committee passes two new bills with the hope of stabilizing the struggling property insurance market. Kelly Vogt, Partner at Clausen Miller in Naples, FL notes that “Senate Bill 2-D and 4-D were passed in direct response to Florida’s property insurance crisis, one that is comprised of rising premiums, policy non-renewals, insurer insolvencies, and an extraordinary rate of litigation.” Furthering Vogt’s point, David Altmaier’s April 2 letter to the Florida House Commerce Committee pointed to data showing over 76% of all homeowners’ lawsuits opened against insurers in the US in 2019 were in Florida.

What does this reform look like for Floridians and Florida insurers? Will Florida’s 7 million homeowners see any relief in premiums as a result, and if so, when? Senate Bills 2-D and 4-D contain several provisions, which we will outline in this white paper series: “2022 Florida Property Insurance Reform.”

This paper will focus on three areas of the contractor-insured relationship that lawmakers believe are driving up the frequency and severity of property claims, fraud, and unnecessary litigation. The areas to consider pertain to the following:

There is a provision in insurance policies that allows insureds to sign over their insurance claims to a third party, who may then pursue payment from the insurers on the insureds’ behalf. This is called “assignment of benefits” (AOB). “Third parties” can be public adjusters, contractors, and/or roofers performing (or alleging to perform) repairs on the insured’s property. If the insurer and the a-signee of benefits (contractor) do not agree, these claim-related disputes frequently lead to lawsuits with the contractor as the plaintiff and the insurer as the defendant.

While SB 2-D continues to permit insureds to a-sign their benefits to a contractor, it restricts contractor solicitation. The first restriction is that contractors are strictly forbidden to waive or write-off the insurance deductible. It is important to note that it is a third-degree felony for any contractor to waive a deductible. This is considered insurance fraud. The new bill now requires contractors to notify the insured in large, typeface writing that the insured is responsible to pay the deductible portion of the claim. Forcing contractors to collect deductibles from the policyholder protects insurers against contractors inflating repair costs and writing-off the insureds’ deductibles, leaving insurers with an inflated bill. Contractors can no longer solicit AOBs with the promise that the deductible will be waived. The inflation of roofing claims, in order to absorb deductibles, costs insurers more than fair market prices to indemnify.

Preview

Major Property Insurance Reform in Florida | Marshall Dennehey

Category: Landscape Of The Florida Property Insurance World

On May 26, 2022, Governor DeSantis signed into law two property insurance reform bills that will change the landscape of the Florida property insurance world.

On May 26, 2022, Governor DeSantis signed into law two property insurance reform bills that will change the landscape of the Florida property insurance world. SB 2-D and SB 4-D arose out of a Special Legislative Session that was called by the Governor to solely focus on property insurance reforms. The ongoing Florida property insurance crisis has been well documented, and these reform laws were primarily enacted to provide stability to the property insurance market and curtail excessive litigation.

The laws enacted primarily change plaintiffs’ ability to recover reasonable attorney’s fees, give property insurers the option to offer a separate roof deductible, and modify the statutory conditions precedent for plaintiffs to prevail on a bad faith lawsuit. The property insurance reform laws are extensive and detail-orientated—ere are some of the major changes.

Insured plaintiffs are no longer entitled to a multiplier for reasonable attorney’s fees and the lodestar method is presumed to be sufficient, except in rare and exceptional cases where plaintiffs cannot obtain an attorney, which matches the federal standard.

Insurance companies may be awarded their reasonable attorney’s fees if they obtained a dismissal because insured plaintiffs failed to file a notice of intent to initiate litigation under Fla. Stat. § 627.70152.

Insurance companies can now offer a separate roof deductible (usually 2% of Coverage A); the insured must prove they have paid the separate roof deductible before being entitled to replacement cost value for their roof; the roof deductible does not apply to hurricane claims and other specific scenarios.

Preview

Florida special session: Bills related to home insurance reform pass House

Category: Insurance Reform

On Wednesday, the House passed two bills related to home insurance reform, with an amendment for condo safety regulation.

NEWSCA. ST SUMMER: BREAKING NOW OUT OF TALLAHASSEE, FLORIDA’S SPECLIA SESSION HAS NOW ENDED. LAWMAKERS IN THE HOUSE APPROVED BILLS ADDRESSING PROPERTY INSURANCE A DAY AFTER THE SENATE. WESH 2’S SHELDON DUTES JOINS US LIVE FROM THE CAPITOL WITH REACTIONS FROM LAWMAKERS AND WHAT HAPPENS NEXT FOR HOMEOWNERS. SHELDON? SHELDON: LAWMAKERS FROM BOTH PARTIES COULDN’T AGREE ON EVERY ASPECT OF OPERPRTY INSURANCE, BUT MANY AGREED THIS WAS A GOOD START. >> HAVE ALL MEMBERS VOTED? BILL PASSES. [APPLAUSE] SHELDON: THE FLORIDA HOUSE ENDED THE SPECIAL SESSION PASSING TWO BILLS THAT ADDRESS CONDO SAFETY IN SPECTIONS AND PROPERTY INSURANCE. >> I BELIEVE THERE’S GOING TO BE A LOT OF WORK FOR US TO DO, BUT IT’S A VERY GOOD START. WE DO NEED TO ENCOURAGE THE CAPITAL MARKETS TO COME BACK TO FLORIDA SO THEY CAN COMPETE FOR YOUR PREMIUM DOLLARS. SHELDON JUST THIS YEAR, THREE : INSURANCE COMPANIES WERE FORCED INTO LIQUIDATN IOFORCING THOUSANDS OF HOMEOWNERS TO FIND INSURANCE IN THE FLORIDA’S COMPLICATED MARKET. HOMEOWNERS HAVE BEEN PAYING MORE FOR COVERAGE OR ENDING UP AT LAST RESORT CITIZEN’S FOR INSURAE.NC THE SPECIAL SESSION BILLS WON’T PROVIDE IMMEDIATE RELIEF FOR HOMEOWNERS, BUT WILL PROVIDE MORE PROTECTIONS FOR ROOFS TTHA 15 YEARS OR OLDER. IT ALSO SETSSI ADES $2 BILLION -- IT ALSO SETS ASIDE $2 BILLION FOR REINSURANCE. >> FLORIDIANS WANT US TO ENACT BOLD SOLUTIONS AND THAT WILL SEE AN IMMEDIATE RELIEF IN THEIR PROPERTY INSURANCE RATES. WE ALL KNOW THAT THIS IS NOT IT. THE INSURANCE CRISIS AND ALSO THE SURFSIDE ISSUE. THESE ARE TWO ISSUES THAT WE COULDN’T QUITE COME TOGETHER ON IN THE SENATE DUNGRI REGULAR SESSION. SO I’M GLAD THE GOVERNOR TOOK THE LEADERSHIP TO BRING THE HOUSE AND SENATE TOGETR.HE SHELDON: SE OMOF YOUR CONSTITUENTS HAVE HAD THEIR PROPERTY INSURANCE GO UP DOUBLE, SOMETIMES TRIPLE. WHAT WOULD YOU SAY TO THE FOLKS BACK IN CENTRAL FLORIDA WHO YSA THIS IS NOT DOING ENOUGH TO RELIEVE THEM? >> WE’RE FRUSTRATED BY THE FACT THAT INFLUENCE OF THE INSURAENC COMPANIES AND LOBBYISTS HAVE DICTATED THE DIRECTION OF THIS BI.LL IT SEEMS LIKE A BAILOUT FOR INSURANCE COMPANIES RATHER THAN ACTUALLY DIRECT RELIEF FOR FLORIDA FAMILIES. SHELDON: IT WOULD BE AT LEAST ANOTHER YEAR AND A HALF POTENTIALLY BEFORE HOMEOWNERS ACROSS THE STATE COULD SEE SOME RELIEF. NOW THE BILLS HAVE PASSED AND ARE ON THE WAY TO THE GOVERNOR’S

Lawmakers addressing Florida's home insurance crisis are making progress. The House passed two bills related to home insurance reform Wednesday. Those bills were passed Tuesday by the Senate.As Florida gets closer to the start of another hurricane season, state lawmakers are trying to avoid a catastrophe that many consider to be manmade."I believe there's going to be a lot of work for us to do but it's a very good start. We do need to encourage the capital markets to come back to Florida so they can compete for your premium dollars,” Republican Rep. Tom Fabricio, District 103, said.Just this year, three insurance companies were forced into liquidation, forcing thousands of homeowners to find insurance in Florida's complicated market. Homeowners are paying more for coverage or ending up at last resort Citizen's insurance.The special session bills won't provide immediate relief for homeowners, but will provide more protections for roofs that are 15 years old or older.The state’s uniquely complicated and pricey property insurance market was front and center for the special session in Tallahassee this week.The Florida House of Representatives gathered on the third day of the session to discuss home insurance changes, many of which would take at least 18 months for homeowners to see some potential relief. “It is difficult for us to create programs in the legislature that are going to make substantial changes tomorrow,” State Rep. Jay Trumbull, R-Panama, said. “Just like there are long tails in claims for hurricanes as an example and when you can bring a claim, it takes some time."The two bills that would offer roof deductibles for homeowners and make sure insurance companies can’t deny coverage for roofs that are less than 15 years old.If they’re older than that, insurers can’t deny you coverage in certain cases if an inspector determines the roof still has useful years."The bill that was passed today, while I do think it does quite a lot of good, it was incomplete in terms of full solutions that we needed,” Democratic Rep. Fentrice Driskell, District 63, said.Some homeowners would also be eligible for grant money to fix up their homes and make them stronger.It also sets aside $2 billion for reinsurance.“The insurance crisis and also the Surfside issue. These are two issues that we couldn't quite come together on in the regular session, so I'm glad the governor took the leadership to bring the house and senate together,” Rep. Scott Plakon said.Critics say it didn’t do enough to help policyholders or deal with the rising numbers of homeowners who are ending up with last resort option, Citizens. “Some of your constituents have had their property insurance go up double, sometimes triple. What would you say to the folks back in Central Florida who say this is not doing enough to relieve them?” WESH 2’s Sheldon Dutes asked Rep. Anna Eskamani.“We're frustrated by the fact that influence of the insurance companies and lobbyists have dictated the direction of this bill. It more seems like a bailout than actually direct relief for Florida families,” Eskamani said.Lawmakers from both parties say more needs to be done, but this week was a step in the right direction.Industry analysts and lawmakers admit, regardless of any changes that got voted on this week, it will be a while before homeowners see their rates and premiums go down. It will be at least another year and a half or so before homeowners could potentially start to see some relief. Now that both the House and Senate approved these bills, they'll now head to the governor. Related: Florida's frustrating home insurance situation stands as barrier to buying for manyWESH 2 Investigates: Central Florida residents stunned by soaring home insurance premiumsRelated: Florida property insurance company goes under, leaving policyholders scramblingRelated: $600 million fund available to help Florida residents struggling to save their homes

"I believe there's going to be a lot of work for us to do but it's a very good start. We do need to encourage the capital markets to come back to Florida so they can compete for your premium dollars,” Republican Rep. Tom Fabricio, District 103, said.

The Florida House of Representatives gathered on the third day of the session to discuss home insurance changes, many of which would take at least 18 months for homeowners to see some potential relief.

“It is difficult for us to create programs in the legislature that are going to make substantial changes tomorrow,” State Rep. Jay Trumbull, R-Panama, said. “Just like there are long tails in claims for hurricanes as an example and when you can bring a claim, it takes some time."

Preview

Hurricane Ian could cripple Florida's home insurance industry - ABC News

Category: Insurance Reform

Experts say a major storm like Ian could push some insurance companies into insolvency, making it harder for people to collect on claims.

Hurricane Ian could cripple Florida's already-fragile homeowners insurance market. Experts say a major storm like Ian could push some of those insurance companies into insolvency, making it harder for people to collect on claims.

Since January 2020, at least a dozen insurance companies in the state have gone out of business, including six this year alone. Nearly 30 others are on the Florida Office of Insurance Regulation's "Watch List" because of financial instability.

"Hurricane Ian will test the financial preparedness of some insurers to cover losses to their portfolios, in particular smaller Florida carriers with high exposure concentrations in the impacted areas," Jeff Waters, an analyst at Moody's Analytics subsidiary RMS and a meteorologist, told ABC News. Waters said Florida is a peak catastrophe zone for reinsurers, and those with exposure will likely incur meaningful losses.

More than 1 million homes on the Florida Gulf Coast are in the storm's path, and while Ian's track and severity can change in the coming days, one early estimate pegs the potential reconstruction cost at $258 billion, according to Corelogic, a property analytics firm.

Industry analysts say years of rampant and frivolous litigation and scams have brought Florida's home-insurance market to its knees, with many large insurers like Allstate and State Farm, reducing their exposure to the state in the past decade.

Preview

Joe Henderson: Hurricane Ian's approach exposes Florida's insurance crisis

Category: Insurance Reform

Maybe Ron DeSantis should have made property insurance reform more of a priority.

DeSantis, of course, won’t listen to Crist and will dismiss his charges as politically motivated. However, there is someone the Governor should have listened to long ago, and it’s a member of his own Republican party.

Brandes begged, pleaded and did his best to convince DeSantis and lawmakers to realize what was happening to Florida’s insurance market. He dug deep into the weeds on this issue. Brandes knew the fuse was burning.

Instead, during the Regular Legislative Session this year, the Governor remained fixated on scaring the bejeebers out of his base on nonissues like critical race theory. Rather than demand insurance reform, DeSantis focused on marginalizing LGBTQ+ people and banning books.

“Socializing more risk into the government-run insurance company is NOT the answer,” Brandes said in a Facebook post on Sept. 1. “Fixing the litigation/insurance market IS. Florida can’t be the most hurricane-prone state and also the most litigious state. Those two things cannot coexist and have lower property insurance rates.”

Five companies were declared insolvent earlier this year, and FedNat could become the sixth Florida company to leave customers in the lurch. Florida’s Department of Financial Services petitioned to put the company into receivership.

Preview

HOME | Florida Tort Reform

Category: Homeowners Insurance Rates In Florida Are Expected To Increase 10-fold Over The Next 10 Years

The cost of home ownership is on the rise in Florida due to excessive litigation.Stay InformedLawyers who advertise on TV are bringing home six-figure paychecks, and Florida families are footing the bill.Stay InformedHelp us fight greedy lawyers. Let’s put an end to frivolous lawsuits and exorbitant attorney’s fees in Florida.Stay Informed Lawyers in Florida Collect … HOME Read More »

Hear that sound? Frivolous lawsuits, excessive attorneys fees, and roofing fraud are sending higher insurance rates to Floridians like an oncoming train. Urge your legislator to act now and stop higher rates.

Widespread roofing fraud and weaponized legal abuse are costing Florida homeowners BILLIONS! What can Floridians do to make it stop? See what one homeowner is saying and how you can help!

Preview

Florida insurance reforms pass Senate, but may not save all carriers - Artemis.bm

Florida's lawmakers continue to progress new legislation that they hope will stabilise the states dysfunctional property insurance market, with the

Florida’s lawmakers continue to progress new legislation that they hope will stabilise the states dysfunctional property insurance market, with the package of bills now passing the Senate and heading to the House today. This is the second hurdle for the property insurance reforms, after they passed a committee on Monday.

Senate Republicans touted the package of bills as the best path for long-term property insurance market stabilisation, but our sources continue to suggest that shorter term these are unlikely to be sufficient to save all challenged insurers in the state.

With some lawmakers, even those that wrote some of the bills making passage, saying that rate reductions are unlikely to be felt by homeowners for a year or more with these bills, there are calls for more to be done.

The package of reforms moving through the legislature in Florida includes proposals for the $2 billion Reinsurance to A-sist Policyholders fund, which would act as a kind of lower-layer to the Florida Hurricane Catastrophe Fund (FHCF).

While this could have an immediate effect to the benefit of some carriers this year, meaning they do not need to buy all of the now very expensive lower-layer reinsurance coverage that they might have been targeting, it is not seen as a measure that will ultimately support bringing more private reinsurance capital appetite back to the Florida market.

Preview

Florida Insurance Reform Law SB-2D Approved | Chartwell Law - JDSupra

Category: Florida Just Adopted A Major Insurance Reform Package That Will Directly Impact The Property Insurance Industry In The State

Florida just adopted a major insurance reform package that will directly impact the property insurance industry in the state. On May 24, 2022, the Florida Senate voted 30-9 to approve...

Preview

Florida House passes property insurance reform package | WFLA

The bills are aimed at stabilizing the state’s troubled market. The proposals included in the package would ban insurance companies from automatically refusing coverage to homeowners with older roofs. A $2 billion reinsurance fund will be created to help insurance companies obtain coverage. It also provides state dollars to stormproof homes and limits attorneys fees in lawsuits.

“One of the most important parts of this legislation is the update to roofing policies, which ensures there is a clear understanding between homeowners and insurance companies about roof repair and replacement coverage and costs,” State Sen. Jim Boyd said. “We are protecting homeowners from being canceled when a roof is less than 15 years old, or when an inspection shows an older roof still has plenty of useable life left, and updating the building code to protect against unnecessary and costly roof replacements that, when part of an insurance claim, impact everyone’s premiums.”

Preview

Will Florida's Home Insurance Reform Bill Be Enough to Revive a Collapsing Market? | Bankrate

Bankrate explains the details of Florida’s home insurance reform bill.

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Maggie Kempken is an insurance editor for Bankrate. She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. She also focuses on ensuring that Bankrate’s insurance content represents and adheres to the Bankrate brand.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure .

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Preview

Florida Governor Signs Property Insurance Reform Bill | Gulfshore Insurance

The Department of Labor (DOL) recently announced an increase in penalties a-sessed by the Occupational Health and Safety Administration (OSHA) in 2022.

On May 26, 2022, Florida Gov. Ron DeSantis signed a bipartisan property insurance bill to provide some relief to consumers facing rising insurance costs within the state. This bill, known as Senate Bill 2B, is one of the most significant forms of legislation passed in an effort to alleviate ongoing challenges across Florida’s property insurance market. Specifically, the bill was implemented to help reduce rising insurance costs, increase claim transparency and limit the number of frivolous lawsuits that have contributed to elevated expenses. Keep reading to learn more about the bill.

Pro-consumer Measures The legislation within Senate Bill 2B provides $2 billion in reinsurance relief through the Reinsurance to A-sist Policy program to benefit policyholders over the next two years. The bill requires insurance companies to file a supplemental rate filing once enrolled in the program to provide relief to policyholders.

Through this bill, Florida homeowners can receive grant funding to help make their homes more durable against storms, thus minimizing potential property claims stemming from storm damage. This initiative is being accomplished through the $150 million dedicated to the My Safe Florida Home Program. This program gives consumers the option to retrofit their homes for hurricanes and receive subsequent premium discounts.

Also, under the bill, insurance companies are no longer allowed to deny coverage based solely on the age of a policyholder’s roof if it is less than 15 years old or determined to have only five years of life left. Furthermore, the bill requires annual reporting of the average premium discounts for participating Floridians by the Department of Financial Services.

Claims Transparency Changes Senate Bill 2B also restricts insurance companies from denying claims without communicating sufficient reasoning to policyholders. In other words, insurance companies will have to provide ample reasoning whenever they deny or partially deny a claim going forward. This change will help consumers have better access to valuable information throughout claims process. In addition, the bill requires insurance companies to provide policyholders with adjuster reports in a timely manner.

Preview

Hurricane Ian could cripple Florida's home insurance industry

Sep 29, 2022 · Eva Marie Uzcategui/Bloomberg via Getty Images. (NEW YORK) — Hurricane Ian could cripple Florida’s already-fragile homeowners insurance market. Experts say a major …

Preview

Florida Special Session on Property Insurance Reform: What …

Category: Insurance Reform

May 23, 2022 · The Florida special session on property insurance reform kicks off today. Below are highlights of some of the proposals lawmakers will consider. ... Creates a statutory …

Preview

A Look Inside Florida’s Recent Property Insurance Reform

Category: Insurance Reform

Jun 14, 2021 · A Look Inside Florida’s Recent Property Insurance Reform. Two years after implementing meaningful a-signment of benefits reform, Florida enacted broader property …

Preview

All Florida policyholders will have to pay if insurers can’t cover Ian ...

South Florida might be spared a direct hit from Hurricane Ian, but insurance customers in the region and throughout the state could be stuck helping to pay the bill if the storm causes …

Preview

Videos of Florida Insurance Reform

Florida homeowners will see new surcharge on insurance bills to cover insolvent companies

2:53 - 2 years ago

Florida homeowners will see a new surcharge on their insurance premiums to cover companies who've gone into receivership.

$1.5M in taxpayer money approved to research insurance rating agencies

4:00 - 2 years ago

The latest controversy with Florida's property insurance market comes after legislators approved $1.5 million of taxpayer money ...

Citizens Insurance rate hike in effect for thousands of Floridians

2:38 - 2 years ago

Citizens Property Insurance Corporation may be the only option for insurance in some zip codes, and their rate increases started ...

Florida Braces For Hurricane Ian. Is DeSantis Up To The Test?

12:20 - 2 years ago

MSNBC delivers breaking news, in-depth analysis of politics headlines, as well as commentary and informed perspectives.

Florida Insurance Reform

Top FAQs for Florida Insurance Reform

Florida Insurance Reform Law SB-2D Approved | Chartwell Law

Property Insurance Reform Bill Signed by Florida Gov. DeSantis – NBC 6 South Florida

Governor DeSantis Signs Legislation to Continue Insurance Reform in Florida

Hurricane Ian could be ‘one of the most severe loss events in U.S. history’: Insurance expert

Florida Governor signs property insurance reform legislation | PropertyCasualty360

2022 Florida Property Insurance Reform Part I - Forte Investigations

Major Property Insurance Reform in Florida | Marshall Dennehey

Florida special session: Bills related to home insurance reform pass House

Hurricane Ian could cripple Florida's home insurance industry - ABC News

Joe Henderson: Hurricane Ian's approach exposes Florida's insurance crisis

HOME | Florida Tort Reform

Florida insurance reforms pass Senate, but may not save all carriers - Artemis.bm

Florida Insurance Reform Law SB-2D Approved | Chartwell Law - JDSupra

Florida House passes property insurance reform package | WFLA

Will Florida's Home Insurance Reform Bill Be Enough to Revive a Collapsing Market? | Bankrate

Florida Governor Signs Property Insurance Reform Bill | Gulfshore Insurance

Hurricane Ian could cripple Florida's home insurance industry

Florida Special Session on Property Insurance Reform: What …

A Look Inside Florida’s Recent Property Insurance Reform

All Florida policyholders will have to pay if insurers can’t cover Ian ...

Videos of Florida Insurance Reform

Florida homeowners will see new surcharge on insurance bills to cover insolvent companies

$1.5M in taxpayer money approved to research insurance rating agencies

Citizens Insurance rate hike in effect for thousands of Floridians

Florida Braces For Hurricane Ian. Is DeSantis Up To The Test?

You may also like

Popular Search

Recent Search

Top Search