The proposed bill aims to enhance consumer transparency in homeowners insurance by amending section 627.0621 of the Florida Statutes. It mandates that residential property insurers include a rate transparency report with their rate filings to the Office of Insurance Regulation starting October 1, 2025. This report must be clear and concise, aiding consumers in understanding insurance rates, and must include a breakdown of various cost factors such as reinsurance, claims, 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 by the office.

Additionally, the bill establishes a comprehensive resource center on the Office of Insurance Regulation's website, which will provide consumers with essential information about the insurance market, coverage options, and claims processes. The bill 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. The effective date for this act is set for July 1, 2025.