Loading chat...
FL S0790
Bill
Status
Failed
6/16/2025
Primary Sponsor
Jennifer Bradley
Click for details
AI Summary
- Prohibits authorized insurers from canceling or nonrenewing personal or commercial residential property insurance policies for 90 days after hurricane- or wind-damaged properties are repaired, extending protections to include flood damage caused by hurricanes even when flood is not a covered peril under the policy
- Requires insurers to maintain coverage on flood-damaged properties (where flood is not a covered peril) until the earlier of when repairs are completed or the expiration of one subsequent policy renewal, while explicitly excluding claims for unrepaired flood damage from the extended or renewed policy
- Adds new exceptions allowing cancellation or nonrenewal with 45 days' notice if the insured fails to respond within 30 days to a written repair-status inquiry, if the insured no longer has an insurable interest, or if the insurer has paid full policy limits for the damaged structures
- Grants the Commissioner of Insurance Regulation authority to waive the cancellation/nonrenewal restrictions upon petition by an insurer facing solvency concerns or other factors that could harm policyholders
- Requires homeowner's insurance companies to provide policyholders at least 45 days' advance written notice (mailed and, if available, emailed) of any cancellation, nonrenewal, or rate change, with at least 10 days' notice required for cancellation due to nonpayment of premium
- Effective date is July 1, 2025
Legislative Description
Policy Cancellations and Nonrenewals by Property Insurers
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available