Property Insurance Reform
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Comprehensive Property Insurance Reform Bill Signed Into Law

A comprehensive property insurance reform bill was passed and signed into law in 2021, bringing with it potential relief from rising insurance premiums.

Senate Bill 76 is a comprehensive property insurance bill that implements several measures to address rising insurance costs within the state. It was passed by the Florida Legislature during the 2021 legislative session and signed into law by Governor Ron DeSantis on June 11, 2021.

Among the changes in the bill, which took effect on July 1, 2021:

  • First, it limits the practices that contractors may engage in regarding insurance claims for roof damage.
  • Second, it limits the fees that attorneys representing claimants may receive.
  • Third, it requires policyholders to file claims within two years of a loss.
  • Fourth, it strengthens Florida Office of Insurance Regulation (OIR) oversight of companies affiliated with Florida property insurers and requires Florida residential property insurers to annually file a comprehensive report with OIR regarding their closed claims.
  • Finally, it raises the cap on Citizens Property Insurance Corp.'s annual rate increases to a maximum of 15% in 2026.

A full legislative analysis of the final bill can be found here.