New Florida Home Insurance Laws: What You Need to Know to Save on Your Premiums
If you're a homeowner in Florida, you may have recently heard about some new laws that have been enacted to help stabilize the state's property insurance market. These laws, which will into effect on November 1, 2023, aim to help alleviate rising insurance costs and increase coverage options for homeowners.
One of the most significant changes is the requirement that non-primary residence policies written on or after November 1, 2023 must be charged rates that are not less than the previous year's Citizens rates. This is an important measure to help stabilize the property insurance market in Florida.
Additionally, the legislation removes "one-way" attorney fees for property insurance. This means that insurers are no longer able to charge homeowners extra fees for legal representation in the event of a dispute. This is a pro-consumer measure that helps to alleviate rising insurance costs.
Furthermore, the bill enacts pro-consumer measures to help alleviate rising insurance costs and increase insurance coverage options. This includes new regulations that prohibit insurers from refusing to issue or renew a homeowner's insurance policy insuring a residential structure with a roof that is more than 10 years old. This measure is intended to help stabilize the problematic property insurance market in Florida.
Overall, these new laws are a step in the right direction for homeowners in Florida. They help to alleviate rising insurance costs and increase coverage options, which is important for protecting your home and your investment. As always, it's important to stay informed about these changes so you can make the most of your insurance coverage.
