TALLAHASSEE (CBSMiami) – Gov. Ron DeSantis has signed property insurance coverage and condo safety reform payments into law.
During a particular session in Tallahassee, which was known as on by the governor, the Florida Legislature overwhelmingly permitted a measure in search of to stem property-insurance issues which have led to policyholders throughout the state shedding protection and seeing hovering premiums.
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“This package represents the most significant reforms to Florida’s homeowners insurance market in a generation,” mentioned Gov. DeSantis. “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.”
Here’s what Senate Bill 2B contains:
- $2 billion in reinsurance aid by way of the Reinsurance to Assist Policy (RAP) program to learn policyholders over the following two years.
- Requires insurance coverage corporations to file a supplemental rate submitting as soon as enrolled in this system to offer aid to policyholders.
- $150 million for the My Safe Florida Home Program to offer grants to Florida householders for hurricane retrofitting, making properties safer and extra proof against hurricane injury, which can lead to premium reductions for individuals who take part in this system.
- Prohibiting insurance coverage corporations from denying protection solely primarily based on the age of a roof if the roof is lower than 15 years outdated or if the roof is set to have a minimum of 5 years of helpful life remaining.
- Requiring insurance coverage corporations to offer policyholders with an affordable clarification in the event that they deny or partially deny a declare and gives customers with better entry to info through the declare adjustment course of.
- Creating a brand new customary for application of lawyer payment multipliers which have been liberally utilized, leading to elevated prices to customers.
- Limiting the task of lawyer’s charges in property insurance coverage instances, disincentivizing frivolous claims.
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“I’m grateful that Gov. DeSantis called lawmakers to convene this week to pass legislation that will help rein in insurance rates, provide premium savings to Floridians, and aid in hardening homes against storms,” mentioned Chief Financial Officer Jimmy Patronis. “I remain committed to fighting insurance fraud and bolstering our investigative services to further support our efforts to protect consumers.”
As for the condominium problem, that was added to a particular legislative session after the House and Senate couldn’t attain settlement throughout this year’s common session.
Here’s what Senate Bill 4B contains:
- Requiring inspections for all condominiums and cooperative buildings which are three tales or larger.
- For buildings inside three miles of the coast, Phase 1 inspections should happen 25 years after preliminary occupancy and each 10 years after.
- For all different buildings, Phase 1 inspections should happen 30 years after preliminary occupancy and each 10 years after.
- If a Phase 1 inspection reveals substantial structural deterioration, a extra intensive Phase 2 inspection is required.
- Requiring condominiums and cooperatives to conduct structural integrity reserve research for buildings three tales or larger to make sure the funding vital for future structural repairs is accessible and prohibits waiver of funding for sure structural reserves.
- Increasing transparency by requiring all structural inspections reviews and reserve research to be a part of the associations’ official report and have to be supplied to potential purchasers of a unit.
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