Effective June 30, 2022, Senate Bill 2-D will now provide some relief to Florida homeowners who are struggling with cancellations, renewals, and premium costs.
Governor Ron DeSantis called a Special Session to deal with the growing problem affecting millions of Florida homeowners. While this bill won’t solve every issue, it will go a long way to reforming the way insurance is conducted in litigious Florida.
What The New Bill Covers
- Property insurers must reduce policyholder rates as early as June 30, 2022 to reflect their savings from the newly implemented Reinsurance to Assist Policyholders (RAP) program created by SB 2-D.
- Property insurers can no longer refuse to write/renew a policy on a residence with a roof that is 15 years old or newer based solely on age. If the roof is at least 15 years old, an insurer must allow a homeowner to have the roof inspected by an authorized inspector (licensed home inspector, roofer, general contractor, engineer, or architect) at the homeowners’ expense before the insurer may require the replacement of the roof as a condition of issuing or renewing the homeowners’ policy. Further, the insurer must allow partial repairs which are completed that cumulatively result in 100% of the roof’s surface area being built or replaced.
- Property insurers may provide policyholders with an optional (and cheaper) roof deductible to help combat fraudulent roof claims. This effectively limits the insurer’s liability to no less than 50% of the replacement cost in the event of a loss or to assign a depreciated value of the roof based on age.
The bill further deals with litigation, civil remedies, attorney fees, and contractor solicitation. You may read the Final Bill here.
Great News For Florida Homeowners
This is great news for Florida homeowners and we hope it helps many find affordable coverage. You may have to give up a little and each person should carefully weigh their risk tolerance in shopping for coverage.
One place to consider is KIN.com. No, I do not receive any compensation whatsoever for this referral, but I can tell you I saved $2,400/year on my premium with slightly better coverage on many things, but I did select a depreciated roof endorsement. I’m willing to take the added risk/expense should I need to replace my roof. Give them a try – they have the easiest and fastest quote of any insurer in the market today. Their website/app is faster than Amazon!
Call Property360 For a Roof Evaluation
Property360 is a full-service home and commercial property inspection firm located in Jacksonville, FL. We service all of Northeast Florida including Gainesville, St. Augustine, The Beaches, Lake City, Green Cove Springs, and more. We provide full insurance inspections to include 4-point, wind mitigation, and roof certification.