CS/CS/HB 803 - Property and Casualty Insurance

• Creates a 6-year statute of limitations for breach of property insurance contracts, running from the date of loss.

• Modifies the Florida Hurricane Catastrophe Fund definition of "losses" to exclude rental value losses, liability coverages, losses from non-covered perils, voluntary coverage expansions, bad faith awards, and loss adjustment expenses.

• Increases surplus requirements for residential property insurers: new insurers must have $15 million (or $50 million if subsidiaries), and existing insurers face phased increases from $5 million to $15 million by 2021, with Office of Insurance Regulation able to reduce requirements under certain conditions.

• Regulates public adjusters by capping compensation at 10-20% of claim payments depending on emergency declarations, prohibiting unlicensed contractors from adjusting claims, requiring 48-hour notice for insurer inspections, and imposing restrictions on deceptive advertising.

• Modifies sinkhole insurance coverage with a 4-year statute of repose, requires property inspections before issuance, limits coverage to principal buildings, defines "structural damage" with technical standards, establishes neutral evaluation procedures for disputed claims, and requires specific repair timeframes and rebate prohibitions.