The proposed bill, titled the "Homeowner Savings and Premium Reduction Act," aims to provide premium reductions for homeowners' insurance based on maintaining claim-free periods and implementing approved mitigation upgrades. It establishes a new section in the Florida Statutes, specifically section 627.70171, which outlines the legislative intent to reward responsible homeowners with lower premiums, ensure that those who file legitimate claims for major storms are not penalized, and incentivize home protection through mitigation efforts. Homeowners who maintain a 36-month claim-free period will automatically receive premium reductions, which must be uniform, actuarially sound, and published annually by the Office of Insurance Regulation. Additionally, homeowners who file only major storm claims will still be eligible for these reductions.

The bill also mandates that insurers provide premium reductions for homeowners who complete approved mitigation upgrades, separate from those based on claim-free periods. The Office of Insurance Regulation is tasked with creating a list of eligible upgrades and maintaining a database of approved contractors. Insurers are required to report annually on the premium reductions provided, including the number of eligible policyholders and the total dollar value of reductions. The office will publish a statewide summary report to enhance transparency and public trust. The act is set to take effect on July 1, 2026.