Florida Insurance Reforms Passed
The Florida Legislature adjourned the Special Session yesterday, and passed significant new legislation to help stabilize the Florida Home Insurance Market. You can read the highlights in the House's legislative summary here (click below to download the PDF document):
Here are some highlights:
Authorizes $2 billion for a new Reinsurance to Assist Policyholders (RAP) program for insurers.
New rules on insurers to improve accessibility and protect policyholders from Nonrenewal (new rules on nonrenewal due to certain roof age).
Preventing Fraud in Property Insurance Claims with new restrictions on attorney fees, bad faith, assignment of benefits, new roof deductible provision.
New rules to hold insurers accountable to the public by providing new oversight and publication of reports and data.
New rules to curb unscrupulous roof claims.
Home Hardening Grants to help Floridians make safe homes.
*source: Florida House of Representatives and Florida Association of Insurance Agents