CS for CS for CS for SB 408 Summary

• Establishes statute of limitations for breach of property insurance contracts running from date of loss; revises Florida Hurricane Catastrophe Fund "losses" definition to exclude certain items like loss adjustment expenses and business interruption losses.

• Increases surplus requirements for domestic residential property insurers applying for certificates of authority to $15 million (non-subsidiary) or $50 million (subsidiary of out-of-state insurer), with phased implementation for existing insurers.

• Imposes restrictions on public adjusters including 20 percent compensation caps on reopened/supplemental claims, prohibitions on certain deceptive advertising statements, and requirements for insurer access to policyholders and property inspections.

• Modifies Citizens Property Insurance Corporation structure by renaming "high-risk account" to "coastal account," limiting sinkhole coverage, and requiring policyholders to acknowledge potential surcharge and assessment liability.

• Establishes comprehensive sinkhole claim procedures including 2-year statute of repose on claims, definitions of "structural damage," mandatory neutral evaluation process, and 90-day repair completion requirement with professional engineer oversight.