The bill amends several sections of the Florida Statutes concerning the My Safe Florida Home Program, which provides hurricane mitigation grants to 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 forth eligibility criteria for homeowners seeking inspections and grants, which include requirements related to the home and the homeowner's financial status.

Moreover, the bill introduces new regulations for insurers regarding claims denial processes, mandating that such decisions be made by qualified human professionals rather than relying solely on artificial intelligence or algorithms. It also increases the minimum surplus requirements for certain insurers, such as raising the threshold for domestic insurers that transact residential property insurance from $15 million to $35 million. The legislation establishes stricter regulations for officers and directors of insolvent insurers, preventing individuals who served in these roles within a specified timeframe from holding similar positions in other insurers. The act is 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