FL S0420

Authorizes authorized insurers to issue excess flood coverage and flexible flood insurance policies in addition to standard, preferred, customized, and supplemental flood insurance options.

Extends the deadline for insurers to file flood coverage rates with the Office of Insurance Regulation from October 1, 2019 to October 1, 2025, allowing use of rates that provide reasonable returns without complying with standard rate filing requirements.

Revises surplus lines agent diligent-effort requirements for exporting flood insurance to eligible surplus lines insurers maintaining superior financial ratings, extending the exemption expiration date from July 1, 2017 to July 1, 2022.

Requires agents to provide written notice to applicants when switching from National Flood Insurance Program coverage to private flood insurance, informing them of potential full-risk rate application if they later return to the program; notice must be signed within 21 days or the private policy must be canceled.

Changes Florida Commission on Hurricane Loss Projection Methodology revision requirements to revise hurricane loss projection standards annually and flood loss projection standards at least every 4 years.