CS/HB 1421 Summary

• Creates section 627.7152, Florida Statutes, establishing requirements for property insurance assignment agreements where post-loss benefits are assigned to service providers for repair, restoration, or mitigation work

• Assignment agreements must be in writing, include a 7-business-day rescission period without penalty, require delivery to the insurer within 3 business days, contain itemized cost estimates, and include specified consumer notice in 14-point uppercase type

• Prohibits assignment agreements from containing rescission fees, check processing fees, cancellation fees, or administrative fees

• Requires assignees to provide 10-business-day written notice of intent to litigate with detailed invoices and work documentation; permits attorney fees awards based on the difference between judgment obtained and presuit settlement offer (less than 25% favors insurer, 25-50% means no fees, 50%+ favors assignee)

• Requires insurers to report annually starting January 30, 2020, on residential property insurance claims paid under assignment agreements, including data on settlement timeframes, litigation status, and attorney fees; applies to agreements executed after July 1, 2017