This bill aims to enhance consumer transparency in homeowners insurance by amending section 627.0621 of the Florida Statutes. It mandates that starting October 1, 2025, residential property insurers must include a rate transparency report with their rate filings to the Office of Insurance Regulation. The report must be clear and concise, aiding consumer understanding, and include a breakdown of various rating factors such as reinsurance costs, claims costs, and profit margins. Insurers are also required to provide these reports to consumers upon coverage offers and renewals, indicating if the report is preliminary and subject to modification. Additionally, the Office will define terms used in these reports and establish a comprehensive resource center on its website to further assist consumers.

The bill also specifies that certain information, such as the statewide average requested and approved rate changes, will not be considered trade secrets and will be publicly accessible. It requires the Office to provide a means for policyholders to communicate their concerns regarding proposed rate changes. The comprehensive resource center will include educational materials, tools for finding insurers, and information on consumer rights and the claims process, all aimed at improving consumer knowledge and engagement in the homeowners insurance market. The act is set to take effect on July 1, 2025.