The property insurance reform bill that was under review in the Senate’s special session this week has passed! It received our Governor’s signature and is yet another step in the right direction to making home insurance available and affordable again.
More details on what this bill entails can be found here but the following points are what we consider to be the most important:
- Reinsurance assistance for insurance carriers that results in reduced premiums for consumers
- Policies cannot be refused or non-renewed solely because the home’s roof is less than 15 years old, contingent on an inspection confirming that there are at least 5 years of life left on the roof
- Limitations on attorney fees and fee multipliers
- New roof deductible options
- More Office of Insurance Regulation guidelines to help prevent Florida-based carriers from financial instability or liquidation
- Roofs with less than 25% damage can be repaired, rather than requiring full replacement
- Steps to curb fraudulent roof claims and roofing contractor solicitation
- Grants and tax exemptions for wind mitigation efforts
This bill received its final stamp of approval from Governor DeSantis, who stated that this package is the most significant reforms to Florida’s homeowners insurance market in a generation.
We remain hopeful and excited for positive change. We are in this together and ultimately, want to keep homeownership as great of an experience as possible for all Floridians.
