Bill > H0799

This bill makes several changes to property insurance laws in Florida: 1. It requires residential property insurance rate filings to account for both hurricane and windstorm mitigation measures undertaken by policyholders. 2. It requires wind uplift prevention to be included in windstorm damage mitigation techniques for residential property insurance rate filings, and directs the Office of Insurance Regulation (OIR) to determine appropriate discounts, credits, and deductible reductions for such mitigation measures. 3. It revises rate change limitations for certain policies written by Citizens Property Insurance Corporation (Citizens), including allowing higher rate increases for some non-primary residence policies. 4. It revises the applicability of flood coverage requirements for personal lines residential policyholders of Citizens, providing some exemptions. 5. It authorizes Citizens to adopt policy forms that allow for dispute resolution proceedings before the Division of Administrative Hearings, and specifies that such policies are not subject to mandatory binding arbitration. 6. It prohibits property insurers that require flood coverage as a condition for wind coverage from denying certain wind-loss claims solely due to lack of flood coverage, under certain circumstances. 7. It appropriates $750,000 to the OIR to conduct a residential wind-loss mitigation study.

Budget and Finance, Business and Industry

Commerce Committee (H), Insurance & Banking Subcommittee (H), State Administration and Technology Appropriations Subcommittee (H)

https://www.flsenate.gov/Session/Bill/2023/799