This bill establishes new provisions regarding homeowners insurance premium discounts in Florida by creating a new section, 626.0656, in the Florida Statutes. It mandates that residential property insurers offer premium reductions to policyholders who maintain a claim-free period of three years, with a minimum discount of 5% that increases by an additional 5% for each subsequent claim-free year. Additionally, insurers are required to provide discounts for policyholders who complete specified mitigation improvements aimed at reducing windstorm or hurricane damage. The bill also prohibits insurers from using storm-related claims to deny or reduce eligibility for these premium reductions.

Furthermore, the bill amends section 627.4133 to ensure that claims resulting from acts of God cannot be used as a basis for denying premium discounts. Insurers must submit annual reports detailing the number of policies receiving these premium reductions and the total savings provided to policyholders. The Office of Insurance Regulation is tasked with adopting rules to implement these provisions, including maintaining a list of eligible mitigation upgrades and a database of approved contractors. The act is set to take effect on July 1, 2026.

Statutes affected:
S 1476 Filed: 627.4133