Bill > S0888

This bill enhances consumer transparency in homeowners' insurance by requiring property insurers to submit detailed rate transparency reports to the Office of Insurance Regulation (OIR) starting October 1, 2025. These reports must include a percentage breakdown of key rating factors such as reinsurance costs, claims costs, defense expenses, fees and commissions, and insurer profit. When offering coverage or renewing policies, insurers must provide consumers with these reports to help them better understand their insurance rates. The reports must be in a uniform format and include additional information like adverse findings from the past three years, use of affiliated entities, contact information for consumer services, and changes in total insured value. The OIR is also mandated to establish a comprehensive, user-friendly website resource center with educational materials about insurance, tools to help consumers find and select appropriate coverage, information about mitigation credits, claims processes, consumer rights, and other relevant insurance market information. The bill aims to make insurance information more accessible and comprehensible to consumers by requiring plain language explanations and graphical representations of complex insurance concepts. The act will take effect on July 1, 2025, giving insurers and the OIR time to prepare for the new requirements.

Budget and Finance

Banking and Insurance (Senate)

https://www.flsenate.gov/Session/Bill/2025/888