Property

Might Florida’s new property insurance coverage legislation result in greater charges for Residents coverage holders? | Florida

On Friday, Florida Governor Ron DeSantis signed a brand new property insurance coverage reform invoice – SB 76 – meant to provide aid to a big portion of Florida’s insurance coverage trade.

An announcement posted on the Governor’s web site stated, “This invoice protects Florida households by restructuring litigation guidelines for disputed insurance coverage claims; expressly disallows contractors, public adjusters, and corporations from utilizing prohibited ads that encourage Floridians to make an insurance coverage declare for roof harm; and imposes a high-quality of as much as $10,000 when firms violate the legislation.”

A report within the Solar Sentinel stated critics of the invoice concern it can result in bigger charge will increase for patrons of state-backed Residents Property Insurance coverage. The invoice backers disagree, saying that the invoice will reduce on roof-damage claims.

“Unscrupulous actors within the enterprise,” state Sen. Jin Boyd stated, have been driving up prices. “We’ve acquired important penalties and tasks for them. … And it’ll drive prices down.”

The invoice permits annual charge will increase for patrons of Residents, growing the capped restrict from 10% to fifteen%.

The invoice prohibits contractors from soliciting owners to file insurance coverage claims for roof harm claims and prevents public insurance coverage adjusters from providing incentives to examine for roof harm. SB 76 additionally limits lawyer charges lawsuits in opposition to insurers.

The brand new legislation, which fits into impact July 1, reduces the claims submitting time restrict from three to 2 years.

Final yr, Florida insurance coverage regulators accredited greater than 50,000 Florida policyholders being dropped by three property insurance coverage firms. In keeping with the Solar Sentinel report, Residents, the state’s insurer of final resort, has seen the variety of coverage holders develop to 589,041 as of April 30, up from 453,911 final yr.

For the Governor’s assertion, click on right here.

For the specifics of SB 76, click on right here.

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