This bill amends various sections of the Florida Statutes concerning the My Safe Florida Home Program, which provides hurricane mitigation grants and inspections for homeowners. It stipulates that grants can only be awarded if the funded improvements lead to property insurance credits, discounts, or other rate differentials. The Department of Financial Services is responsible for ensuring that specific mitigation improvements are completed before reimbursing homeowners who receive grants. Additionally, the bill sets eligibility criteria for homeowners seeking inspections and grants, including income thresholds and the requirement for homes to undergo an acceptable hurricane mitigation inspection.

Moreover, the bill introduces new regulations for insurers regarding claims denial processes, mandating that decisions must be made by qualified human professionals rather than relying solely on artificial intelligence or algorithms. It raises the minimum surplus requirements for certain insurers, increasing the threshold for domestic insurers transacting residential property insurance from $15 million to $35 million, and for those handling limited sinkhole coverage from $7.5 million to $10 million. The bill also requires insurers to maintain detailed records of their decision-making processes and to communicate the involvement of human professionals in claims denial communications. These changes are set to take effect on July 1, 2025.

Statutes affected:
S 1740 Filed: 215.5586, 624.407, 624.4073
S 1740 c1: 215.5586, 624.407, 624.4073, 627.062