The bill amends various sections of the Florida Statutes to enhance the My Safe Florida Home Program, which provides hurricane mitigation grants and inspections for homeowners. It establishes that grants will 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 stipulations regarding the home and the homeowner's financial situation.

Moreover, the legislation introduces new regulations for insurers regarding claim denials, requiring that such decisions 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 that transact residential property insurance from $15 million to $35 million, and for those that only transact limited sinkhole coverage from $7.5 million to $10 million. The bill also mandates that insurers maintain detailed records of decisions made by human professionals and clearly communicate the reasons for claim denials to claimants. The prohibitions on serving as an officer or director of an insurer after insolvency will now apply to a broader range of individuals, including attorneys in fact. 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