This bill amends Florida Statutes to enhance protections for policyholders of personal and commercial residential property insurance in the wake of hurricane or wind damage. It prohibits insurers from canceling or nonrenewing policies for a period of 90 days after repairs are completed, specifically addressing damages caused by hurricanes, including flood damage if it is a covered peril. If flood damage is not covered, insurers cannot cancel or nonrenew policies until the property is repaired or one renewal period has expired. The bill also specifies that any claims for unrepaired flood damage will not be covered under extended or renewed policies. Additionally, it allows the Commissioner of Insurance Regulation to waive certain provisions under specific circumstances.

Furthermore, the bill requires homeowners' insurance policy insurers to provide at least 45 days' advance written notice for cancellations, nonrenewals, or rate changes, with specific exceptions for nonpayment of premiums. The notice must be mailed and, if an email address is available, also sent electronically. The bill aims to ensure that policyholders are adequately informed and protected during the recovery process following significant property damage. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
S 790 Filed: 627.4133