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 claims processes. The bill increases the basis points added to the Federal Reserve's discount rate for setting interest on judgments from 400 to 800. It also 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, the bill introduces new obligations for property insurers, such as providing written loss estimates to policyholders within seven days and requiring participation in mandatory mediation before litigation. It pauses the time limits for filing claims during appraisal or alternative dispute resolution processes and establishes a new framework for determining attorney fees based on the outcome of the judgment relative to the claimant's presuit settlement demand. The bill also modifies requirements for mandatory binding arbitration, mandates disclosure of premium discounts, and includes provisions for flood and limited sinkhole coverage insurance. 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