HB 581 Summary

• Adds projected flood losses as a factor the Office of Insurance Regulation must consider when reviewing insurance rate filings under Florida's rate standards.

• Increases Florida Commission on Hurricane Loss Projection Methodology membership from 12 to 14 members by adding a licensed professional engineer expert in floodplain management and a meteorologist specializing in floods; requires the commission to adopt flood loss standards and guidelines by July 1, 2015.

• Authorizes private insurers to offer flood insurance policies in Florida with minimum coverage requirements for the peril of flood, subject to Office of Insurance Regulation oversight and filing requirements.

• Establishes flood coverage options including deductible choices aligned with National Flood Insurance Program standards, actual cash value or replacement cost adjustments, and required prominent disclosure of coverage limitations on policy declarations pages.

• Allows insurers to use rates either under standard s. 627.062 requirements, individual risk rating, or with written insured consent for unapproved rates before July 1, 2017; requires 30-day advance notice to Office of Insurance Regulation before writing flood insurance and filing of operational plans.