House Bill 451 amends various sections of Florida Statutes to revise interest rates on court judgments, enhance insurance reporting practices, and establish new requirements for property insurers. The bill increases the basis points added to the Federal Reserve's discount rate for setting the interest rate on judgments from 400 to 800. It also mandates the Office of Insurance Regulation to produce annual reports on the financial relationships and executive compensation of insurance entities, ensuring that certain data cannot be withheld as a trade secret. Additionally, property insurers are required to provide written estimates of loss to policyholders within seven days and must engage in mandatory mediation before litigation can begin.

The bill further addresses property insurance disputes and attorney fees, pausing the time limits for filing lawsuits if a claimant's presuit settlement demand is not met during the appraisal or alternative dispute resolution process. It establishes a new framework for determining attorney fees based on the judgment outcome relative to the claimant's presuit demand, with exceptions for bad faith or unreasonable demands. The requirements for mandatory binding arbitration in property insurance policies are also modified, requiring insurers to disclose any premium discounts related to arbitration. The bill includes provisions for flood and limited sinkhole coverage insurance, allowing insurers to set rates that ensure compliance with regulatory standards while providing a reasonable return. The new regulations are set to take effect on July 1, 2025, and violations will incur penalties.

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