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 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 is tasked with defining terms used in these reports and establishing 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 maintain a resource center that provides educational materials, tools for finding insurers, and information on consumer rights and the claims process. The act is set to take effect on July 1, 2025, and aims to improve consumer access to information regarding homeowners insurance, thereby fostering a more transparent insurance market.