This bill amends Florida Statutes to enhance protections for property insurance policyholders, particularly in the context of cancellations and nonrenewals following hurricane or wind damage. It prohibits insurers from canceling or nonrenewing personal residential or commercial residential property insurance policies for a period of 90 days after repairs are completed, or until a specified policy renewal expires. The bill also extends this protection to flood damages caused by hurricanes under certain conditions. Additionally, it specifies that claims for unrepaired flood damage cannot be covered under extended or renewed policies, and outlines the circumstances under which insurers may cancel or nonrenew policies, including requirements for notification to policyholders.

Furthermore, the bill mandates that homeowners insurance policy insurers provide at least 45 days' advance written notice for cancellations, nonrenewals, or rate changes, with specific provisions for nonpayment of premiums requiring only 10 days' notice. The Commissioner of Insurance Regulation is granted authority to waive certain provisions if necessary due to solvency concerns. The bill aims to ensure that policyholders are adequately informed and protected during the recovery process following significant property damage, with an effective date set for July 1, 2025.

Statutes affected:
S 790 Filed: 627.4133