The 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, or until one year after the final claim payment is issued, depending on the circumstances of the damage. The bill also specifies that if flood damage caused by a hurricane is not a covered peril under the policy, insurers cannot cancel or nonrenew the policy until the property is repaired or the policy expires. Additionally, any claims for unrepaired flood damage will be excluded from extended or renewed policies.

Furthermore, the bill requires homeowners' policy insurers to provide at least 45 days' advance written notice for cancellations, nonrenewals, or rate changes, with a shorter notice period of 10 days for cancellations due to nonpayment of premiums. The bill also allows the Commissioner of Insurance Regulation to waive certain provisions under specific circumstances. The effective date for these changes is set for July 1, 2025.

Statutes affected:
H 841 Filed: 627.4133