According to researchers, Florida governor Ron DeSantis’s new home insurance reform bill could positively impact policyholders. The bill is said to bring more competition to the market and make it easier for consumers to shop around for the best rates.
The new bill will also make it easier for policyholders to file claims and get their claims paid out promptly. This is good news for Florida homeowners dealing with insurance companies that are slow to pay out on claims or deny claims altogether.
What Reforms Were Enacted?
The Florida Legislature passed a bill in 2022 that reformed how insurers can calculate premiums for homeowner’s insurance. The reforms aim to make premiums more fair and affordable for policyholders. Some of the key reforms that were enacted include:
- No attorney fees for assignees
- Adjustment of claims
- Pre-suit notice before policyholders can file suit
- No attorney fee multipliers
How Will These Reforms Impact Policyholders?
The most significant impact of these reforms will be felt by those paying higher than average premiums. Many of these policyholders may see their rates go down due to the reforms.
For example, if you have been paying higher than average premiums because you live in a high-risk area, you’ll no longer be penalized for that risk factor. Insurers can now use different risk factors when determining rates, which means your premium could go down.
The new home insurance reform bill in Florida could be good news for policyholders. The reforms enacted should make premiums more fair and affordable. They’ll also make it easier for policyholders to file claims and get their claims paid out on time.
If you’re a homeowner, contact Guy Hurley McNeil in Rochester Hills, MI, today to learn more about how home insurance can benefit you and to get a quote on a new policy. Our team is here to help you navigate the Michigan home insurance market changes so that you can make the best decision for your family.