Potential Changes to Property Insurance Notification Laws
Florida Homeowners, Stay Ahead
If you're a homeowner in Florida, upcoming changes to property insurance laws could impact how you're notified about policy cancellations, renewals, or rate increases. A new bill introduced by Senator Danny Burgess aims to give policyholders more time to prepare for changes and make informed decisions.
Key Proposed Changes:
Extended Notice Period: The current law requires insurers to provide 120 days’ notice for changes to a policy. The proposed bill adds an extra 45 days, giving you 165 days' notice to prepare for any changes.
Cancellation Notices: Under the bill, policyholders would receive at least 10 days of written notice for cancellations.
Email Notifications: Insurers would send notifications via email, ensuring important updates don’t get lost in physical mail clutter.
Senator Burgess highlighted how this digital shift aligns with modern habits: “We do everything online these days... A critical letter could easily be overlooked in a pile of junk mail.”
Why This Matters to Homeowners
These changes aim to give Florida homeowners more time to:
Explore Coverage Options: In the event of a cancellation, you'll have additional time to compare policies and find a new insurer.
Plan Financially: Extended notice ensures you have time to budget for potential rate increases or additional coverage needs.
A Reminder to Stay Covered
Florida’s existing laws already encourage homeowners to:
Understand what is and isn’t covered in their policies.
Consider additional coverage for events not included in standard policies, such as floods or hurricanes.
Legislative Timeline
The proposed bill will be debated in Florida’s legislative session, beginning March 4, 2025. If passed, it could significantly improve how homeowners are informed about changes to their insurance policies and give them more time to update insurance reports like the Citizen’s 4 Point and Uniform Wind Mitigation forms should they choose to shop around for a better rate.
Home Inspections: A Key Step in Policy Preparation
At Southwell Inspections, we believe proactive planning is essential. A comprehensive home inspection can help you identify potential risks and ensure your home is adequately protected. Whether you're renewing a policy, seeking new coverage, or planning home improvements, we are here to help provide the insights you need.
Stay informed, stay prepared, and let us help you protect what matters most!
