Bill > H0957

This bill amends Florida's insurance rate regulation statute to impose a new limitation on property insurance rate increases. Specifically, starting July 1, 2025, property insurance companies will be prohibited from seeking rate increases greater than 10 percent above the highest rate previously approved by the Office of Insurance Regulation within the preceding 12 months. This means insurers cannot file rate proposals that would raise prices by more than 10% compared to their most recently approved rate. The bill modifies existing "file and use" and "use and file" procedures for insurance rate filings, adding a specific cap on property insurance rate increases to help control rising insurance costs for property owners. The new restriction applies only to property insurance and does not affect workers' compensation, employer's liability, or motor vehicle insurance rates. The provisions will take effect on July 1, 2025, giving insurance companies and regulators time to prepare for the new rate limitation.