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 that prohibits insurers from seeking a rate increase greater than 10 percent above the highest rate approved by the office within the previous 12 months for property insurance filings made or submitted on or after July 1, 2025. This change aims to provide more stability and predictability in property insurance rates for consumers.

Additionally, the bill clarifies that the new rate limitation does not apply to workers' compensation, employer's liability insurance, and motor vehicle insurance. The effective date for this legislation is set for July 1, 2025, allowing time for insurers to adjust to the new regulatory framework.

Statutes affected:
H 957 Filed: 627.062