The bill amends Florida Statutes to improve transparency in residential property insurance by requiring insurers to submit detailed rate transparency reports to the Office of Insurance Regulation starting October 1, 2026. These reports must include a breakdown of rating factors such as reinsurance costs, claims, and profit margins, and must be provided to consumers with coverage offers and renewals. The Office will have the authority to accept or request modifications to these reports to ensure clarity for consumers. Additionally, the bill establishes a resource center on the Office's website to offer accessible information and educational materials about the insurance market.

Moreover, the bill prohibits insurers from including land value when determining coverage amounts or adjusting claims under homeowners' policies and clarifies that certain rate filing information is not a trade secret, making it publicly accessible. It also enhances consumer protection for homeowners entering repair contracts after property damage by outlining necessary precautions, such as confirming policy provisions with their insurance company and ensuring contractors are licensed and insured. The bill modifies existing language regarding precautions for homeowners leaving their homes due to damage, specifically by deleting the word "and" before "turning off your gas, water, and electricity" and changing "provide" to "providing" in the context of notifying the insurance company of a reachable phone number. The act is set to take effect on July 1, 2026.

Statutes affected:
H 767 Filed: 627.7142