The bill amends section 627.062 of the Florida Statutes to impose new limits on property insurance rates filed with the Office of Insurance Regulation. Specifically, it introduces a provision stating that, for all property insurance filings made or submitted on or after July 1, 2025, insurers may not seek a rate greater than 10 percent above the highest rate approved by the office within the previous 12 months. This change aims to provide more stability and predictability in property insurance rates for consumers.

Additionally, the bill clarifies that the provisions do not apply to workers' compensation, employer's liability insurance, and motor vehicle insurance. The act is set to take effect on July 1, 2025, thereby giving insurers time to adjust to the new rate filing requirements.

Statutes affected:
H 957 Filed: 627.062