CS/CS/HB 7065 Summary

• Creates section 627.7152 establishing comprehensive requirements for property insurance assignment agreements, including mandatory written format, 14-day rescission rights, and specific notice provisions in 18-point bold type.

• Limits emergency assignments to the greater of $3,000 or 1% of Coverage A under residential policies and prohibits assignees from collecting penalties, check processing fees, or administrative fees.

• Requires assignees to provide detailed written notice of intent to litigate at least 10 business days before filing suit, with insurers having 10 business days to respond with settlement offer or require alternative dispute resolution.

• Establishes attorney fee awards based on judgment outcomes: insurer wins if judgment is less than 25% of disputed amount, neither party wins if 25-50%, and assignee wins if 50% or more of disputed amount.

• Allows insurers to offer restricted assignment policies at lower cost than unrestricted policies if both options are available and insureds receive annual notice of coverage options, with effect date July 1, 2019.