The bill amends Florida Statutes to enhance protections for policyholders of personal and commercial residential property insurance, particularly in the aftermath of hurricanes and wind-related damages. It prohibits insurers from canceling or nonrenewing policies for a period of 90 days after repairs are completed on properties damaged by hurricanes or wind losses. Additionally, if flood damage caused by a hurricane is a covered peril, the same prohibition applies until repairs are made or the policy renewal expires. The bill specifies that any claims for unrepaired flood damage will not be covered under extended or renewed policies, and it outlines the conditions under which insurers may cancel or nonrenew policies, including requirements for notification.

Furthermore, the bill requires homeowners' policy insurers to provide at least 45 days' advance written notice for cancellations, nonrenewals, or rate changes, with specific provisions for nonpayment of premiums. It also allows the Commissioner of Insurance Regulation to waive certain provisions under specific circumstances, such as solvency concerns. The act is set to take effect on July 1, 2025, and includes various definitions and conditions to ensure clarity in implementation.

Statutes affected:
H 841 Filed: 627.4133