This bill amends several sections of Florida Statutes related to residential property insurance, primarily focusing on enhancing transparency in rate filings and consumer protection. It introduces a requirement for residential property insurers to include a rate transparency report with any rate change filings starting October 1, 2026. These reports must be clear and concise, aiding consumer understanding, and include a breakdown of various cost factors such as reinsurance, claims, and profit margins. Insurers are also mandated to provide these reports to consumers upon coverage offers and renewals, indicating if the report is preliminary and subject to modification. Additionally, the Office of Insurance Regulation is tasked with establishing a comprehensive resource center on its website to provide consumers with accessible information about the insurance market, including tools for finding insurers and understanding coverage options.

Furthermore, the bill prohibits insurers from including the value of land when determining coverage amounts or adjusting claims for residential properties. It also clarifies that certain information related to rate filings is not considered a trade secret and must be publicly accessible. The bill aims to improve consumer awareness and understanding of their rights and the insurance process, including the establishment of a "Homeowner Claims Bill of Rights" that outlines the rights of policyholders in relation to claims handling. The act is set to take effect on July 1, 2026.

Statutes affected:
S 832 Filed: 627.7142