TALLAHASSEE, Fla. – A new property insurance bill was unanimously approved in the Florida House on Wednesday afternoon, putting it on a path to possibly take effect later this year.
The bill — HB 767 — was filed back in December by state Rep. Yvette Benarroch (R-Naples), who said that the legislation will improve transparency for homeowners in the state.
“I filed HB 767 because Florida homeowners are receiving notices of higher insurance premiums without clear or understandable explanations for why those increases are occurring. When premiums go up, families deserve transparency so they can understand what is driving those costs and make informed decisions.
This bill improves transparency by requiring insurers, when seeking a rate increase, to clearly explain in plain language the major factors contributing to higher premiums and to share that information with consumers. HB 767 does not set or cap rates. It simply ensures that when premiums increase, homeowners are given clarity and accountability in Florida’s insurance marketplace."
Rep. Yvette Benarroch, "Why I Filed This Bill"
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According to Legislative analysts, the bill aims to make the following changes in particular:
- COVERAGE AMOUNTS: When establishing a coverage amount or adjusting a claim for a home or other structure under a homeowner’s insurance policy, insurers may not include the value of the land that the structure is located on.
- This provision may not be construed to permit inclusion of the value of land for homes located on the shoreline or surrounded by a body of water.
- RESOURCE CENTER: The OIR must create a resource center on its website to help consumers better understand insurance, including information on:
- Insurance market dynamics
- Claims processes
- Consumer protection
- Disaster preparation
- Insurance coverage choices available to consumers
- QR CODES: Insurers must provide notice of this resource center on every offer for coverage or renewal, including a web address and QR code to the website
- TRADE SECRETS: The bill provides that the statewide average requested rate change and final approved statewide average rate change in a filing are not trade secrets.
- PREMIUM DISCOUNTS: Any notice of premium discounts for hurricane loss mitigation currently provided to applicants for insurance coverage and policyholders must include a notification of whether the insurer offers an enhanced discount for a roof system that uses a secondary water resistance.
HB 767 was unanimously approved by state House lawmakers on Wednesday, meaning the bill will now go to the Senate for consideration.
If passed into law, HB 767 will go into effect on July 1.
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