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As the leaves begin to change, so do the policies affecting homeowners insurance in Florida. Understanding these updates is crucial for homeowners, real estate investors, and property managers. In this blog, we'll break down the recent legislative changes, their impact, and what they mean for you.
House Bill 7073: Discounts on Homeowners Insurance
Effective July 1, 2024, House Bill 7073 mandates that insurance companies offer a 1.75% discount on homeowners insurance premiums as well as on personal and commercial flood policies. It also requires a deduction for residential properties equal to the State Fire Marshal regulatory assessment. These changes aim to make insurance more affordable for homeowners across Florida. These discounts are available exclusively for policies with a 12-month coverage period, effective between October 1, 2024, and September 30, 2025. The discount amount must be itemized separately on the policy's declaration page. {House Bill 7073}
House Bill 1611: Enhanced Consumer Protections
The Florida legislature has also introduced House Bill 1611 to bolster consumer protections. This bill clarifies that negligence alone is not enough to demonstrate bad faith in insurance claims. It also allows the trier of fact to consider whether the insureds acted in good faith when providing information. {House Bill 1611}
Impact on Homeowners and Property Managers
Homeowners: The new discounts can lead to potential savings on insurance premiums. Additionally, the legislative reforms promise a clearer and fairer claims process.
Property Managers: These updates provide a better understanding of insurance obligations and protections, allowing property managers to pass on savings to tenants or reinvest in property improvements.
Additional Resources
For more detailed information, check out the following resources
