House Bill 451 amends various sections of Florida Statutes to enhance the regulation of property insurance, focusing on interest rates for court judgments, insurance reporting practices, and the claims process. The bill increases the basis points added to the Federal Reserve's discount rate for court judgments from 400 to 800 and requires the Office of Insurance Regulation to produce annual reports on the financial relationships and executive compensation of insurance entities, ensuring that certain data remains accessible and is not classified as a trade secret. Additionally, it mandates property insurers to provide written loss estimates to policyholders within seven days and to engage in mandatory mediation before litigation can begin.

The bill also introduces significant changes to the handling of claims and attorney fees in property insurance disputes. It pauses the time limits for filing lawsuits while claimants engage in appraisal or alternative dispute resolution, allowing them to file suit without further notice if these processes exceed 90 days. Furthermore, it establishes a new framework for awarding attorney fees based on the judgment amount relative to the claimant's presuit settlement demand, with specific conditions for fee awards. The bill also requires insurers to disclose premium discounts related to mandatory binding arbitration and allows for more flexible rate-setting for flood and sinkhole insurance, while ensuring that insurers notify the state of any rate changes. The act is set to take effect on July 1, 2025.

Statutes affected:
H 451 Filed: 55.03, 627.062, 627.70131, 627.7015, 627.70152, 627.70154