In March 2024, the Florida Legislature enacted several significant property insurance reforms aimed at enhancing consumer protection, improving disaster preparedness, and stabilizing the insurance market. These changes, effective July 1, 2024, are particularly relevant for homeowners in coastal areas like Neptune City, New Jersey, who may face similar challenges. (Legislation – Windward Risk Managers)
HB 939: Strengthening Consumer Protections
HB 939 mandates that insurers provide clear, advance notice of any policy changes. Specifically, the “Notice of Change in Policy Terms” must be presented in bold, 14-point font. Insurers have until January 1, 2025, to comply with this requirement, ensuring greater transparency for policyholders. (Legislation – Windward Risk Managers)
HB 1029: Expanding the My Safe Florida Home Program
Previously limited to single-family homes, the My Safe Florida Home program now extends to condominium associations within 15 miles of the coast. Under HB 1029, these associations can apply for hurricane mitigation inspections and grants up to $10,000 to fortify buildings against storms. The state has allocated $30 million for this pilot program, with associations required to match a portion of the grant funds. (Legislation – Windward Risk Managers)
HB 1503: Reforming Citizens Property Insurance Corporation
HB 1503 introduces measures to reduce the number of policies under Citizens Property Insurance Corporation, the state-run insurer of last resort. Notably, surplus lines carriers can now assume policies for secondary residences from Citizens. However, primary residences and properties with homestead exemptions remain protected from such transitions. (Legislation – Windward Risk Managers, West Virginia Issues Summary of 2024 Legislation – ReSource Pro …)
HB 1611: Enhancing Regulatory Oversight
Requested by Florida’s Office of Insurance Regulation, HB 1611 encompasses several key provisions: (Premium Vector | Family health insurance logo designs for medical …)
- Cancellation/Nonrenewal Restrictions: Surplus lines insurers are prohibited from canceling or nonrenewing residential policies until 90 days after hurricane or wind damage repairs are completed, following a state of emergency declaration.
- QUASR Reporting: Insurers must now submit QUASR reports monthly, with data reported by ZIP code instead of by county, allowing for more precise regulatory oversight.
- Hurricane Modeling: Insurers are required to apply hurricane model averaging uniformly throughout the state.
- Reciprocal Exchanges: These entities are now under the regulatory authority of the Office of Insurance Regulation, which can conduct market conduct examinations of their management entities.
- Roof Inspections: Roofing contractors are added to the list of authorized inspectors permitted to assess a roof’s useful life.
SB 7028: Additional Funding for Home Fortification
SB 7028 allocates an additional $200 million to the My Safe Florida Home program, enabling more homeowners to receive free inspections and grants for hurricane mitigation improvements. The bill also prioritizes applicants based on factors such as income and location. (Legislation – Windward Risk Managers)
Additional Resources
For homeowners seeking to understand how these legislative changes may impact their insurance coverage, Singh Insurance is here to help. Our team stays abreast of regulatory developments to provide you with informed guidance and tailored insurance solutions.
Contact Singh Insurance today to review your policy and ensure you’re adequately protected.