Bill > H0775

This bill creates the "Homeowner Savings and Premium Reduction Act" to establish mandatory insurance premium reductions for homeowners in Florida, focusing on two primary mechanisms: claim-free periods and property mitigation upgrades. Starting July 1, 2026, insurance companies must automatically provide premium reductions to homeowners who maintain a 36-month period without filing claims (excluding major storm claims), with these reductions being statewide, uniform, and actuarially sound. The bill defines a "major storm claim" as one resulting from a named hurricane or storm, and ensures that homeowners who file such claims will not be penalized. Additionally, the legislation requires insurers to offer premium reductions for specific property improvements like roof reinforcements, impact-resistant windows, and other approved mitigation upgrades that reduce the property's risk to hazard events. The Office of Insurance Regulation will determine the reduction schedules, create a list of eligible upgrades, and maintain a public database of approved contractors and products. Insurers must submit annual reports detailing the number of policyholders receiving reductions, total reduction values, and claim information, which the office will then compile into a transparent statewide summary report. The overall intent is to reward responsible homeowners, incentivize property protection, and improve insurance industry transparency.

Business and Industry

https://www.flsenate.gov/Session/Bill/2026/775