The bill amends Florida Statutes to enhance protections for policyholders of personal and commercial residential property insurance in the event 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 caused by a hurricane will be excluded from any extended or renewed policy.

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. The Commissioner of Insurance Regulation is granted authority to waive certain provisions under specific conditions, and the bill mandates that policies extended or renewed must contain similar terms unless updated forms are available. The act is set to take effect on July 1, 2025.

Statutes affected:
H 841 Filed: 627.4133