CS/HB 1097 - Insurance Claims Summary

• Creates new section 627.4225 establishing requirements for post-loss assignment of property insurance claims, including a 3 business day cancellation period for policyholders (5 days for emergency-declared events) and restrictions on assignees' collection rights against policyholders.

• Revises claim handling timelines: insurers must acknowledge communications within 10-14 calendar days and affirm or deny coverage within 20-30 days after proof-of-loss completion (changed from 30 days).

• Extends deadline for paying undisputed benefits under first-party property insurance from 60 to 90 days after receiving notice of a residential claim, with exceptions for acts of God, impossibility of performance, or policyholder fraud/misrepresentation.

• Modifies section 627.70131 to require 72-hour notice of loss, authorize insurers to limit repair scope pending inspection (with exceptions for emergency repairs), and adjust investigation commencement to 7-10 working days from 10 days.

• Updates Homeowner Claims Bill of Rights to reflect new timelines and adds advisory language about assignment agreements, effective July 1, 2016.