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 submitted to the Office of Insurance Regulation, effective October 1, 2026. The report must be in a uniform format and include detailed breakdowns of various cost factors, such as reinsurance and claims costs, as well as contact information for consumer services. Insurers are also mandated to provide these reports to consumers alongside coverage offers and renewals, clearly indicating if the report is preliminary and subject to modification.

Additionally, the bill prohibits insurers from including the value of land when determining coverage amounts or adjusting claims for residential properties. It establishes a comprehensive resource center on the Office's website to aid consumer understanding of insurance, which will include market data, educational materials, and information on the claims process. The bill also clarifies that certain information related to rate filings is not considered a trade secret and is subject to public disclosure. The act is set to take effect on July 1, 2026.

Statutes affected:
S 832 Filed: 627.7142