HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 1 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to insurance; creating s. 11.91, F.S.; 2
creating the Property Insurance Commission; providing 3
the membership of the commission; providing for the 4
appointment of the commission chair and vice chair; 5
providing for the governance of the commiss ion; 6
providing powers and duties of the commission; 7
amending s. 20.121, F.S.; providing for the election 8
of the Commissioner of Insurance Regulation; providing 9
for the term of office of the commissioner; conforming 10
provisions to changes made by the act; cr eating s. 11
112.3134, F.S.; prohibiting the commissioner from 12
engaging in certain activities or employment for a 13
specified period after leaving office; providing 14
sanctions for violations; authorizing specified 15
entities to collect specified penalties; amendin g s. 16
494.0026, F.S.; requiring that interest earned on 17
insurance proceeds received by mortgagees and 18
assignees be paid to insureds; amending s. 624.401, 19
F.S.; prohibiting property insurers from claiming 20
insolvency under specified circumstances; specifying a 21
condition on insurance activities engaged in within 22
this state by a person who engages in property 23
insurance activities in another state; amending s. 24
627.0629, F.S.; requiring residential property 25
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 2 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
insurers to release specified information to insureds 26
upon request; amending s. 627.701, F.S.; prohibiting 27
property insurers from using certain defenses for 28
denial of claims; amending s. 627.715, F.S.; requiring 29
insurance agents to provide insurance applicants 30
written notice advising flood risk; amending s. 31
627.7152, F.S.; revising requirements for assignment 32
agreements; creating s. 627.7156, F.S.; requiring the 33
Financial Services Commission to adopt certain rules; 34
requiring the Department of Financial Services to 35
adopt rules regarding its handling of allegations of 36
insurance fraud made by insurers or their employees or 37
contractors; providing requirements for such rules; 38
providing fines; requiring the Office of Program 39
Policy Analysis and Government Accountability (OPPAGA) 40
to conduct a study of the effectiveness o f the 41
property insurance mediation program; providing 42
requirements for the study; requiring OPPAGA to submit 43
a report to the Legislature by a specified date; 44
amending chapter 2022 -268, Laws of Florida; specifying 45
appropriations for the My Safe Florida Home Program; 46
delaying the expiration of the program; conforming 47
provisions to changes made by the act; providing an 48
effective date. 49
50
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 3 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Be It Enacted by the Legislature of the State of Florida: 51
52
Section 1. Section 11.91, Florida Statutes, is created to 53
read: 54
11.91 Property Insurance Commission. — 55
(1)(a) There is created the Property Insurance Commission, 56
which shall consist of the following six members: 57
1. Two members appointed by the President of the Senate. 58
2. One member appointed by the Minorit y Leader of the 59
Senate. 60
3. Two members appointed by the Speaker of the House of 61
Representatives. 62
4. One member appointed by the Minority Leader of the 63
House of Representatives. 64
(b) Each member shall serve at the pleasure of the officer 65
who appointed the member. A vacancy on the commission must be 66
filled in the same manner as the original appointment. From 67
November of each odd -numbered year through October of each even -68
numbered year, the chair of the commission shall be appointed by 69
the President of the Senate, and the vice chair of the 70
commission shall be appointed by the Speaker of the House of 71
Representatives. From November of each even -numbered year 72
through October of each odd -numbered year, the chair of the 73
commission shall be appointed by the Spea ker of the House of 74
Representatives, and the vice chair of the commission shall be 75
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 4 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
appointed by the President of the Senate. The terms of members 76
shall be for 2 years and shall run from the organization of one 77
Legislature to the organization of the next Le gislature. 78
(2) The commission is governed by joint rules of the 79
Senate and the House of Representatives, which rules shall 80
remain in effect until repealed or amended by concurrent 81
resolution. 82
(3) The commission may conduct its meetings through 83
teleconferences or other similar means. 84
(4) The commission must be staffed by legislative staff 85
members, as assigned by the President of the Senate and the 86
Speaker of the House of Representatives. 87
(5) The commission shall: 88
(a) Review and evaluate the insuran ce marketplace and 89
studies of the various insurance markets. 90
(b) Review and comment on market data produced by the 91
Office of Insurance Regulation. 92
(c) Review and comment on the setting of reserve 93
requirements for insurers. 94
(d) Exercise any other powers and perform any other duties 95
prescribed by the Legislature. 96
Section 2. Paragraphs (a) and (d) of subsection (3) of 97
section 20.121, Florida Statutes, are amended to read: 98
20.121 Department of Financial Services. —There is created 99
a Department of Financial Services. 100
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 5 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(3) FINANCIAL SERVICES COMMISSION. —Effective January 7, 101
2003, there is created within the Department of Financial 102
Services the Financial Services Commission, composed of the 103
Governor, the Attorney General, the Chief Financial Officer , and 104
the Commissioner of Agriculture, which shall for purposes of 105
this section be referred to as the commission. Commission 106
members shall serve as agency head of the Financial Services 107
Commission. The commission shall be a separate budget entity and 108
shall be exempt from the provisions of s. 20.052. Commission 109
action shall be by majority vote consisting of at least three 110
affirmative votes. The commission shall not be subject to 111
control, supervision, or direction by the Department of 112
Financial Services in an y manner, including purchasing, 113
transactions involving real or personal property, personnel, or 114
budgetary matters. 115
(a) Structure.—The major structural unit of the commission 116
is the office. Each office shall be headed by a director. The 117
following offices are established: 118
1. The Office of Insurance Regulation, which shall be 119
responsible for all activities concerning insurers and other 120
risk bearing entities, including licensing, rates, policy forms, 121
market conduct, claims, issuance of certificates of autho rity, 122
solvency, viatical settlements, premium financing, and 123
administrative supervision, as provided under the insurance code 124
or chapter 636. The head of the Office of Insurance Regulation 125
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 6 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
is the Director of the Office of Insurance Regulation, who may 126
also be known as the Commissioner of Insurance Regulation. 127
Beginning with the 2026 general election, the Commissioner of 128
Insurance Regulation must be elected. Each Commissioner of 129
Insurance Regulation shall serve a term of 4 years concurrent 130
with Cabinet officers as specified s. 5, Art. IV of the State 131
Constitution. 132
2. The Office of Financial Regulation, which shall be 133
responsible for all activities of the Financial Services 134
Commission relating to the regulation of banks, credit unions, 135
other financial instit utions, finance companies, and the 136
securities industry. The head of the office is the Director of 137
the Office of Financial Regulation, who may also be known as the 138
Commissioner of Financial Regulation. The Office of Financial 139
Regulation shall include a Bure au of Financial Investigations, 140
which shall function as a criminal justice agency for purposes 141
of ss. 943.045-943.08 and shall have a separate budget. The 142
bureau may conduct investigations within or outside this state 143
as the bureau deems necessary to aid i n the enforcement of this 144
section. If, during an investigation, the office has reason to 145
believe that any criminal law of this state has or may have been 146
violated, the office shall refer any records tending to show 147
such violation to state or federal law en forcement or 148
prosecutorial agencies and shall provide investigative 149
assistance to those agencies as required. 150
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 7 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(d) Appointment and qualification qualifications of the 151
Director of the Office of Financial Regulation directors.—The 152
commission shall appoint o r remove the each Director of the 153
Office of Financial Regulation by a majority vote consisting of 154
at least three affirmative votes, with both the Governor and the 155
Chief Financial Officer on the prevailing side. Before The 156
minimum qualifications of the dire ctors are as follows: 157
1. Prior to appointment as director, the Director of the 158
Office of Insurance Regulation must have had, within the 159
previous 10 years, at least 5 years of responsible private 160
sector experience working full time in areas within the sco pe of 161
the subject matter jurisdiction of the Office of Insurance 162
Regulation or at least 5 years of experience as a senior 163
examiner or other senior employee of a state or federal agency 164
having regulatory responsibility over insurers or insurance 165
agencies. 166
2. Prior to appointment as director, the Director of the 167
Office of Financial Regulation must have had, within the 168
previous 10 years, at least 5 years of responsible private 169
sector experience working full time in areas within the subject 170
matter jurisdiction of the Office of Financial Regulation or at 171
least 5 years of experience as a senior examiner or other senior 172
employee of a state or federal agency having regulatory 173
responsibility over financial institutions, finance companies, 174
or securities companies. 175
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 8 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Section 3. Section 112.3134, Florida Statutes, is created 176
to read: 177
112.3134 Commissioner of Insurance Regulation; Office of 178
Insurance Regulation. — 179
(1) For a period of 7 years after vacating the office as 180
Commissioner of Insurance Regulation, a perso n who has served as 181
Commissioner of Insurance Regulation may not do any of the 182
following: 183
(a) Personally represent another person or entity for 184
compensation before the Office of Insurance Regulation. 185
(b) Serve as an employee or contractor of an entity 186
regulated by the Office of Insurance Regulation. 187
(2) A violation of subsection (1) is punishable by any of 188
the following: 189
(a) Public censure and reprimand. 190
(b) A civil penalty not to exceed $10,000. 191
(c) Forfeiture of any pecuniary benefits received for such 192
violation. The amount of the pecuniary benefits must be paid to 193
the General Revenue Fund. 194
(3) The Attorney General and Chief Financial Officer are 195
independently authorized to collect any penalty imposed under 196
this section. 197
Section 4. Subsection (2) of section 494.0026, Florida 198
Statutes, is amended to read: 199
494.0026 Disposition of insurance proceeds. —The following 200
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 9 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
provisions apply to mortgage loans held by a mortgagee or 201
assignee that is subject to part II or part III of this chapter. 202
(2)(a) Insurance proceeds received by a mortgagee or an 203
assignee which that relate to compensation for damage to 204
property or contents insurance coverage in which the mortgagee 205
or assignee has a security interest must be promptly deposited 206
into a segregated ac count of a federally insured financial 207
institution. 208
(b) Any interest earned on insurance proceeds received by 209
a mortgagee or an assignee which relate to compensation for 210
damage to property or contents insurance coverage in which the 211
mortgagee or assignee has a security interest must be paid to 212
the insured. 213
214
This section may not be construed to prevent an insurance 215
company from paying the insured directly for additional living 216
expenses or paying the insured directly for contents insurance 217
coverage if the mortgagee or assignee does not have a security 218
interest in the contents. 219
Section 5. Section 624.401, Florida Statutes, is amended 220
to read: 221
624.401 Certificate of authority required ; insurer 222
activities.— 223
(1) No person shall act as an insurer, and no insurer or 224
its agents, attorneys, subscribers, or representatives shall 225
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 10 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
directly or indirectly transact insurance, in this state except 226
as authorized by a subsisting certificate of authority issued to 227
the insurer by the office, except as to such transactions as are 228
expressly otherwise provided for in this code. 229
(2) No insurer shall from offices or by personnel or 230
facilities located in this state solicit insurance applications 231
or otherwise transact insurance i n another state or country 232
unless it holds a subsisting certificate of authority issued to 233
it by the office authorizing it to transact the same kind or 234
kinds of insurance in this state. 235
(3) This state hereby preempts the field of regulating 236
insurers and their agents and representatives; and no county, 237
city, municipality, district, school district, or political 238
subdivision shall require of any insurer, agent, or 239
representative regulated under this code any authorization, 240
permit, or registration of any kind for conducting transactions 241
lawful under the authority granted by the state under this code. 242
(4)(a) Any person who acts as an insurer, transacts 243
insurance, or otherwise engages in insurance activities in this 244
state without a certificate of authority in violation of this 245
section commits a felony of the third degree, punishable as 246
provided in s. 775.082, s. 775.083, or s. 775.084. 247
(b) However, any person acting as an insurer without a 248
valid certificate of authority who violates this section commits 249
insurance fraud, punishable as provided in this paragraph. If 250
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 11 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
the amount of any insurance premium collected with respect to 251
any violation of this section: 252
1. Is less than $20,000, the offender commits a felony of 253
the third degree, punishable as provided in s. 775.082, s. 254
775.083, or s. 775.084, and the offender shall be sentenced to a 255
minimum term of imprisonment of 1 year. 256
2. Is $20,000 or more, but less than $100,000, the 257
offender commits a felony of the second degree, punishable as 258
provided in s. 775.082, s. 775.083, or s. 775.084, and the 259
offender shall be sentenced to a minimum term of imprisonment of 260
18 months. 261
3. Is $100,000 or more, the offender commits a felony of 262
the first degree, punishable as provided in s. 775.082, s. 263
775.083, or s. 775.084, an d the offender shall be sentenced to a 264
minimum term of imprisonment of 2 years. 265
(5)(a) A property insurer may not claim insolvency in this 266
state if the insurer still acts as an insurer, transacts 267
insurance, or otherwise engages in insurance activities in any 268
state other than this state, regardless of whether these 269
insurance activities are property insurance activities. 270
(b) Effective January 1, 2025, any person who acts as a 271
property insurer, transacts property insurance, or otherwise 272
engages in property insurance activities in any state other than 273
this state may not act as an insurer, transact insurance, or 274
otherwise engage in insurance activities in this state unless 275
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 12 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
that person does not exclude property insurance from the 276
person's insurance transaction s or activities. 277
Section 6. Subsection (10) is added to section 627.0629, 278
Florida Statutes, to read: 279
627.0629 Residential property insurance; rate filings. — 280
(10) An insurer must release to an insured all information 281
relating to an inspection or an underwriting report upon the 282
insured's request. 283
Section 7. Section 627.701, Florida Statutes, is amended 284
to read: 285
627.701 Liability of insureds; coinsurance; deductibles ; 286
prohibited denials of claims .— 287
(1) A property insurer may issue an insurance policy or 288
contract covering either real or personal property in this state 289
which contains provisions requiring the insured to be liable as 290
a coinsurer with the insurer issuing the policy for any part of 291
the loss or damage by covered peril to the property d escribed in 292
the policy only if: 293
(a) The following words are printed or stamped on the face 294
of the policy, or a form containing the following words is 295
attached to the policy: "Coinsurance contract: The rate charged 296
in this policy is based upon the use of the coinsurance clause 297
attached to this policy, with the consent of the insured."; 298
(b) The coinsurance clause in the policy is clearly 299
identifiable; and 300
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 13 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(c) The rate for the insurance with or without the 301
coinsurance clause is furnished the insured upon his or her 302
request. 303
(2) Unless the office determines that the deductible 304
provision is clear and unambiguous, a property insurer may not 305
issue an insurance policy or contract covering real property in 306
this state which contains a deductible provision that : 307
(a) Applies solely to hurricane losses. 308
(b) States the deductible as a percentage rather than as a 309
specific amount of money. 310
(c) Applies solely to a roof loss as provided in 311
subsection (10). 312
(3)(a) Except as otherwise provided in this subsection, 313
prior to issuing a personal lines residential property insurance 314
policy, the insurer must offer alternative deductible amounts 315
applicable to hurricane losses equal to $500, 2 percent, 5 316
percent, and 10 percent of the policy dwelling limits, unless 317
the specific percentage deductible is less than $500. The 318
written notice of the offer shall specify the hurricane 319
deductible to be applied in the event that the applicant or 320
policyholder fails to affirmatively choose a hurricane 321
deductible. The insurer must provi de such policyholder with 322
notice of the availability of the deductible amounts specified 323
in this subsection in a form approved by the office in 324
conjunction with each renewal of the policy. The failure to 325
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 14 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
provide such notice constitutes a violation of this code but 326
does not affect the coverage provided under the policy. 327
(b) This subsection does not apply with respect to a 328
deductible program lawfully in effect on June 14, 1995, or to 329
any similar deductible program, if the deductible program 330
requires a minimum deductible amount of no less than 2 percent 331
of the policy limits. 332
(c) With respect to a policy covering a risk with dwelling 333
limits of at least $100,000, but less than $250,000, the insurer 334
may, in lieu of offering a policy with a $500 hurricane 335
deductible as required by paragraph (a), offer a policy that the 336
insurer guarantees it will not nonrenew for reasons of reducing 337
hurricane loss for one renewal period and that contains up to a 338
2 percent hurricane deductible as required by paragraph (a). 339
(d) For the following policies, the following alternative 340
deductible amounts are authorized: 341
1. With respect to a policy covering a risk with dwelling 342
limits of $250,000 or more, the insurer need not offer the $500 343
hurricane deductible as required by paragrap h (a), but must, 344
except as otherwise provided in this subsection, offer the other 345
hurricane deductibles as required by paragraph (a). 346
2. With respect to a policy covering a risk with dwelling 347
limits of $1 million or more, but less than $3 million, the 348
insurer may, in lieu of offering the 2 percent deductible as 349
required by paragraph (a), offer a deductible amount applicable 350
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 15 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
to hurricane losses equal to 3 percent of the policy dwelling 351
limits. 352
3. With respect to a policy covering a risk with dwelling 353
limits of $3 million or more, the insurer need not offer the 2 354
percent deductible as required by paragraph (a), but must, 355
except as otherwise provided by this subsection, offer the other 356
hurricane deductibles as required by paragraph (a). 357
(4)(a) Any policy that contains a separate hurricane 358
deductible must on its face include in boldfaced type no smaller 359
than 18 points the following statem ent: "THIS POLICY CONTAINS A 360
SEPARATE DEDUCTIBLE FOR HURRICANE LOSSES, WHICH MAY RESULT IN 361
HIGH OUT-OF-POCKET EXPENSES TO YOU." A policy containing a 362
coinsurance provision applicable to hurricane losses must on its 363
face include in boldfaced type no smaller than 18 points the 364
following statement: "THIS POLICY CONTAINS A CO -PAY PROVISION 365
THAT MAY RESULT IN HIGH OUT -OF-POCKET EXPENSES TO YOU." 366
(b) For any personal lines residential property insurance 367
policy containing a separate hurricane deductible, the ins urer 368
shall compute and prominently display the actual dollar value of 369
the hurricane deductible on the declarations page of the policy 370
at issuance and, for renewal, on the renewal declarations page 371
of the policy or on the premium renewal notice. 372
(c) For any personal lines residential property insurance 373
policy containing an inflation guard rider, the insurer shall 374
compute and prominently display the actual dollar value of the 375
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 16 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
hurricane deductible on the declarations page of the policy at 376
issuance and, for renewal, on the renewal declarations page of 377
the policy or on the premium renewal notice. In addition, for 378
any personal lines residential property insurance policy 379
containing an inflation guard rider, the insurer shall notify 380
the policyholder of the possibi lity that the hurricane 381
deductible may be higher than indicated when loss occurs due to 382
application of the inflation guard rider. Such notification 383
shall be made on the declarations page of the policy at issuance 384
and, for renewal, on the renewal declaratio ns page of the policy 385
or on the premium renewal notice. 386
(d)1. A personal lines residential property insurance 387
policy covering a risk valued at less than $500,000 may not have 388
a hurricane deductible in excess of 10 percent of the policy 389
dwelling limits, unless the following conditions are met: 390
a. The policyholder must personally write or type and 391
provide to the insurer the following statement and sign his or 392
her name, which must also be signed by every other named insured 393
on the policy, and dated: "I do not want the insurance on my 394
home to pay for the first (specify dollar value) of damage from 395
hurricanes. I will pay those costs. My insurance will not." 396
b. If the structure insured by the policy is subject to a 397
mortgage or lien, the policyholder must pro vide the insurer with 398
a written statement from the mortgageholder or lienholder 399
indicating that the mortgageholder or lienholder approves the 400
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 17 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
policyholder electing to have the specified deductible. 401
2. A deductible subject to the requirements of this 402
paragraph applies for the term of the policy and for each 403
renewal thereafter. Changes to the deductible percentage may be 404
implemented only as of the date of renewal. 405
3. An insurer shall keep the original copy of the signed 406
statement required by this paragrap h, electronically or 407
otherwise, and provide a copy to the policyholder providing the 408
signed statement. A signed statement meeting the requirements of 409
this paragraph creates a presumption that there was an informed, 410
knowing election of coverage. 411
4. The commission shall adopt rules providing appropriate 412
alternative methods for providing the statements required by 413
this section for policyholders who have a handicapping or 414
disabling condition that prevents them from providing a 415
handwritten statement. 416
(e)1. A personal lines residential property insurance 417
policy that contains a separate roof deductible must include, on 418
the page immediately behind the declarations page, with no other 419
policy language on the page, in boldfaced type no smaller than 420
18 point, the following statement: "YOU ARE ELECTING TO PURCHASE 421
COVERAGE ON YOUR HOME WHICH CONTAINS A SEPARATE DEDUCTIBLE FOR 422
ROOF LOSSES. BE ADVISED THAT THIS MAY RESULT IN HIGH OUT -OF-423
POCKET EXPENSES TO YOU. PLEASE DISCUSS WITH YOUR INSURANCE 424
AGENT." 425
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 18 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2. For any personal lines residential property insurance 426
policy containing a separate roof deductible, the insurer shall 427
compute and prominently display on the declarations page of the 428
policy or on the premium renewal notice the actual dollar value 429
of the roof deductible of the policy at issuance and renewal. 430
(5)(a) The hurricane deductible of any personal lines 431
residential property insurance policy issued or renewed on or 432
after May 1, 2005, shall be applied as follows: 433
1. The hurricane deductible shall apply on an an nual basis 434
to all covered hurricane losses that occur during the calendar 435
year for losses that are covered under one or more policies 436
issued by the same insurer or an insurer in the same insurer 437
group. 438
2. If a hurricane deductible applies separately to e ach of 439
one or more structures insured under a single policy, the 440
requirements of this paragraph apply with respect to the 441
deductible for each structure. 442
3. If there was a hurricane loss for a prior hurricane or 443
hurricanes during the calendar year, the in surer may apply a 444
deductible to a subsequent hurricane which is the greater of the 445
remaining amount of the hurricane deductible or the amount of 446
the deductible that applies to perils other than a hurricane. 447
Insurers may require policyholders to report hurr icane losses 448
that are below the hurricane deductible or to maintain receipts 449
or other records of such hurricane losses in order to apply such 450
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 19 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
losses to subsequent hurricane claims. 451
4. If there are hurricane losses in a calendar year on 452
more than one policy issued by the same insurer or an insurer in 453
the same insurer group, the hurricane deductible shall be the 454
highest amount stated in any one of the policies. If a 455
policyholder who had a hurricane loss under the prior policy is 456
provided or offered a lower hurricane deductible under the new 457
or renewal policy, the insurer must notify the policyholder, in 458
writing, at the time the lower hurricane deductible is provided 459
or offered, that the lower hurricane deductible will not apply 460
until January 1 of the followi ng calendar year. 461
(b) For commercial residential property insurance policies 462
issued or renewed on or after January 1, 2006, the insurer must 463
offer the policyholder the following alternative hurricane 464
deductibles: 465
1. A hurricane deductible that applies on an annual basis 466
as provided in paragraph (a); and 467
2. A hurricane deductible that applies to each hurricane. 468
(6)(a) It is the intent of the Legislature to encourage 469
the use of higher hurricane deductibles as a means of increasing 470
the effective capaci ty of the hurricane insurance market in this 471
state and as a means of limiting the impact of rapidly changing 472
hurricane insurance premiums. The Legislature finds that the 473
hurricane deductibles specified in this subsection are 474
reasonable when a property owne r has made adequate provision for 475
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 20 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
restoration of the property to its full value after a 476
catastrophic loss. 477
(b) A personal lines residential insurance policy 478
providing hurricane coverage may, at the mutual option of the 479
insured and insurer, include a secu red hurricane deductible as 480
described in paragraph (c) if the applicant presents the insurer 481
a certificate of security as described in paragraph (d). An 482
insurer may not directly or indirectly require a secured 483
deductible under this subsection as a conditio n of issuing or 484
renewing a policy. A certificate of security is not required 485
with respect to an applicant who owns a 100 percent equity 486
interest in the property. 487
(c) A secured hurricane deductible must include the 488
substance of the following: 489
1. The first $500 of any claim, regardless of the peril 490
causing the loss, is fully deductible. 491
2. With respect to hurricane losses only, the next $5,000 492
in losses are fully insured, subject only to a copayment 493
requirement of 10 percent. 494
3. With respect to hurric ane losses only, the remainder of 495
the claim is subject to a deductible equal to a specified 496
percentage of the policy dwelling limits in excess of the 497
deductible allowed under former paragraph (3)(a) but no higher 498
than 10 percent of the policy dwelling limi ts. 499
4. The insurer agrees to renew the coverage on a 500
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 21 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
guaranteed basis for a period of years after initial issuance of 501
the secured deductible equal to at least 1 year for each 2 502
percentage points of deductible specified in subparagraph 3. 503
unless the policy is canceled for nonpayment of premium or the 504
insured fails to maintain the certificate of security. Such 505
renewal shall be at the same premium as the initial policy 506
except for premium changes attributable to changes in the value 507
of the property. 508
(d) The office shall draft and formally propose as a rule 509
the form for the certificate of security. The certificate of 510
security may be issued in any of the following circumstances: 511
1. A mortgage lender or other financial institution may 512
issue a certificate of security after granting the applicant a 513
line of credit, secured by equity in real property or other 514
reasonable security, which line of credit may be drawn on only 515
to pay for the deductible portion of insured construction or 516
reconstruction after a hurricane loss. In the sole discretion of 517
the mortgage lender or other financial institution, the line of 518
credit may be issued to an applicant on an unsecured basis. 519
2. A licensed insurance agent may issue a certificate of 520
security after obtaining for an applican t a line of credit, 521
secured by equity in real property or other reasonable security, 522
which line of credit may be drawn on only to pay for the 523
deductible portion of insured construction or reconstruction 524
after a hurricane loss. The Florida Hurricane Catastr ophe Fund 525
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 22 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
shall negotiate agreements creating a financing consortium to 526
serve as an additional source of lines of credit to secure 527
deductibles. Any licensed insurance agent may act as the agent 528
of such consortium. 529
3. Any person qualified to act as a trus tee for any 530
purpose may issue a certificate of security secured by a pledge 531
of assets, with the restriction that the assets may be drawn on 532
only to pay for the deductible portion of insured construction 533
or reconstruction after a hurricane loss. 534
4. Any insurer, including any admitted insurer or any 535
surplus lines insurer, may issue a certificate of security after 536
issuing the applicant a policy of supplemental insurance that 537
will pay for 100 percent of the deductible portion of insured 538
construction or recons truction after a hurricane loss. 539
5. Any other method approved by the office upon finding 540
that such other method provides a similar level of security as 541
the methods specified in this paragraph and that such other 542
method has no negative impact on residenti al property insurance 543
catastrophic capacity. The legislative intent of this 544
subparagraph is to provide the flexibility needed to achieve the 545
public policy of expanding property insurance capacity while 546
improving the affordability of property insurance. 547
(e) An issuer of a certificate of security may terminate 548
the certificate for failure to honor any of the terms of the 549
underlying financial arrangement. The issuer must provide notice 550
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 23 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
of termination to the insurer within 10 working days after 551
termination. Unless the policyholder obtains a replacement 552
certificate of security within an additional 20 working days 553
after such notice, the deductible provision in the policy must 554
revert to a lower deductible otherwise offered by the insurer 555
and the policyholder is re sponsible for any additional premium 556
required for a policy with such deductible. 557
(7) Prior to issuing a personal lines residential property 558
insurance policy on or after April 1, 1997, or prior to the 559
first renewal of a residential property insurance poli cy on or 560
after April 1, 1997, the insurer must offer a deductible equal 561
to $500 applicable to losses from perils other than hurricane. 562
The insurer must provide the policyholder with notice of the 563
availability of the deductible specified in this subsection in a 564
form approved by the office at least once every 3 years. The 565
failure to provide such notice constitutes a violation of this 566
code but does not affect the coverage provided under the policy. 567
An insurer may require a higher deductible only as part of a 568
deductible program lawfully in effect on June 1, 1996, or as 569
part of a similar deductible program. 570
(8) Notwithstanding the other provisions of this section 571
or of other law, but only as to hurricane coverage as defined in 572
s. 627.4025 for commercial lines r esidential coverages, an 573
insurer may offer a deductible in an amount not exceeding 10 574
percent of the insured value if, at the time of such offer and 575
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 24 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
at each renewal, the insurer also offers to the policyholder a 576
deductible in the amount of 3 percent of the insured value. 577
Nothing in this subsection prohibits any deductible otherwise 578
authorized by this section. All forms by which the offers 579
authorized in this subsection are made or required to be made 580
shall be on forms that are adopted or approved by the comm ission 581
or office. 582
(9) With respect to hurricane coverage provided in a 583
policy of residential coverage, when the policyholder has taken 584
appropriate hurricane mitigation measures regarding the 585
residence covered under the policy, the insurer shall provide 586
the insured the option of selecting an appropriate reduction in 587
the policy's hurricane deductible or selecting the appropriate 588
discount credit or other rate differential as provided in s. 589
627.0629. The insurer must provide the policyholder with notice 590
of the options available under this subsection on a form 591
approved by the office. 592
(10)(a) Notwithstanding any other provision of law, an 593
insurer issuing a personal lines residential property insurance 594
policy may include in such policy a separate roof deductibl e 595
that meets all of the following requirements: 596
1. The insurer has complied with the offer requirements 597
under subsection (7) regarding a deductible applicable to losses 598
from perils other than a hurricane. 599
2. The roof deductible may not exceed the lesse r of 2 600
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 25 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
percent of the Coverage A limit of the policy or 50 percent of 601
the cost to replace the roof. 602
3. The premium that a policyholder is charged for the 603
policy includes an actuarially sound credit or premium discount 604
for the roof deductible. 605
4. The roof deductible applies only to a claim adjusted on 606
a replacement cost basis. 607
5. The roof deductible does not apply to any of the 608
following events: 609
a. A total loss to a primary structure in accordance with 610
the valued policy law under s. 627.702 which is caused by a 611
covered peril. 612
b. A roof loss resulting from a hurricane as defined in s. 613
627.4025(2)(c). 614
c. A roof loss resulting from a tree fall or other hazard 615
that damages the roof and punctures the roof deck. 616
d. A roof loss requiring the repair of less than 50 617
percent of the roof. 618
619
If a roof deductible is applied, no other deductible under the 620
policy may be applied to the loss or to any other loss to the 621
property caused by the same covered peril. 622
(b) At the time of initial issuance of a personal l ines 623
residential property insurance policy, an insurer may offer the 624
policyholder a separate roof deductible with the ability to opt -625
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 26 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
out and reject the separate roof deductible. To reject a 626
separate roof deductible, the policyholder shall sign a form 627
approved by the office. 628
(c) At the time of renewal, an insurer may add a separate 629
roof deductible to a personal lines residential property 630
insurance policy if the insurer provides a notice of change in 631
policy terms pursuant to s. 627.43141. The insurer must a lso 632
offer the policyholder the ability to opt -out and reject the 633
separate roof deductible. To reject a separate roof deductible, 634
the policyholder shall sign a form approved by the office. 635
(d) The office shall expedite the review of any filing of 636
insurance forms that only contain a separate roof deductible 637
pursuant to this subsection. The commission may adopt model 638
forms or guidelines that provide options for roof deductible 639
language which may be used for filing by insurers. If an insurer 640
makes a filing pursuant to a model form or guideline issued by 641
the office, the office must review the filing within the initial 642
30-day review period authorized by s. 627.410(2), and the roof 643
deductible portion of the filing is not subject to the 15 -day 644
extension for review under that subsection. 645
(11) A property insurer that issues or renews an insurance 646
policy or contract covering real property in this state on or 647
after January 1, 2025, may not use a property's preexisting 648
condition, a date of loss that predates the date of a claim, or 649
faulty installation or workmanship as a defense for denying a 650
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 27 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
claim. 651
Section 8. Subsection (8) of section 627.715, Florida 652
Statutes, is amended to read: 653
627.715 Flood insurance. —An authorized insurer may issue 654
an insurance policy, cont ract, or endorsement providing personal 655
lines residential coverage for the peril of flood or excess 656
coverage for the peril of flood on any structure or the contents 657
of personal property contained therein, subject to this section. 658
This section does not appl y to commercial lines residential or 659
commercial lines nonresidential coverage for the peril of flood. 660
An insurer may issue flood insurance policies, contracts, 661
endorsements, or excess coverage on a standard, preferred, 662
customized, flexible, or supplemental basis. 663
(8)(a) An agent must provide a written notice to be signed 664
by every the applicant advising the applicant of flood risk. 665
(b) If before the agent places flood insurance coverage 666
with an admitted or surplus lines insurer for a property 667
receiving flood insurance under the National Flood Insurance 668
Program, the agent, before placing new flood coverage for the 669
property, must also provide to the applicant a written . The 670
notice advising must notify the applicant that, if the applicant 671
discontinues coverage under the National Flood Insurance Program 672
which is provided at a subsidized rate, the full risk rate for 673
flood insurance may apply to the property if the applicant later 674
seeks to reinstate coverage under the program. 675
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 28 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Section 9. Paragraph (a) of subsection (2) of section 676
627.7152, Florida Statutes, is amended to read: 677
627.7152 Assignment agreements. — 678
(2)(a) An assignment agreement must: 679
1. Be executed under a residential property insurance 680
policy or under a commercial property insurance poli cy as that 681
term is defined in s. 627.0625(1), issued on or after July 1, 682
2019, and before January 1, 2023. 683
2. Be in writing and executed by and between the assignor 684
and the assignee. 685
3. Contain a provision that allows the assignor to rescind 686
the assignment agreement without a penalty or fee by submitting 687
a written notice of rescission signed by the assignor to the 688
assignee within 14 days after the execution of the agreement, at 689
least 30 days after the date work on the property is scheduled 690
to commence if the assignee has not substantially performed, or 691
at least 30 days after the execution of the agreement if the 692
agreement does not contain a commencement date and the assignee 693
has not begun substantial work on the property. 694
4. Contain a provision requiri ng the assignee to provide a 695
copy of the executed assignment agreement to the insurer within 696
3 business days after the date on which the assignment agreement 697
is executed or the date on which work begins, whichever is 698
earlier. Delivery of the copy of the as signment agreement to the 699
insurer may be made: 700
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 29 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
a. By personal service, overnight delivery, or electronic 701
transmission, with evidence of delivery in the form of a receipt 702
or other paper or electronic acknowledgment by the insurer; or 703
b. To the location designated for receipt of such 704
agreements as specified in the policy. 705
5. Contain a written, itemized, per -unit cost estimate of 706
the services to be performed by the assignee. 707
6. Relate only to work to be performed by the assignee for 708
services to protect, repair, restore, or replace a dwelling or 709
structure or to mitigate against further damage to such 710
property. 711
7. Contain the following notice in 18 -point uppercase and 712
boldfaced type: 713
714
YOU ARE AGREEING TO GIVE UP CERTAIN RIGHTS YOU HAVE UNDER YOUR 715
INSURANCE POLICY TO A THIRD PARTY, WHICH MAY RESULT IN 716
LITIGATION AGAINST YOUR INSURER. PLEASE READ AND UNDERSTAND THIS 717
DOCUMENT BEFORE SIGNING IT. YOU HAVE THE RIGHT TO CANCEL THIS 718
AGREEMENT WITHOUT PENALTY WITHIN 14 DAYS AFTER THE DATE THIS 719
AGREEMENT IS EXECUTED, AT LEAST 30 DAYS AFTER THE DATE WORK ON 720
THE PROPERTY IS SCHEDULED TO COMMENCE IF THE ASSIGNEE HAS NOT 721
SUBSTANTIALLY PERFORMED, OR AT LEAST 30 DAYS AFTER THE EXECUTION 722
OF THE AGREEMENT IF THE AGREEMENT DOES NOT CONTAIN A 723
COMMENCEMENT DATE AND THE ASSIGN EE HAS NOT BEGUN SUBSTANTIAL 724
WORK ON THE PROPERTY. HOWEVER, YOU ARE OBLIGATED FOR PAYMENT OF 725
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 30 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
ANY CONTRACTED WORK PERFORMED BEFORE THE AGREEMENT IS RESCINDED. 726
THIS AGREEMENT DOES NOT CHANGE YOUR OBLIGATION TO PERFORM THE 727
DUTIES REQUIRED UNDER YOUR PROPERTY INSURANCE POLICY. 728
729
8. Contain a notice in 18 -point uppercase and boldfaced 730
type disclosing that the assignee is prohibited from taking any 731
legal action without the assignor's permission, including, but 732
not limited to, making a presuit settlement demand o r presuit 733
settlement offer. 734
9. Contain a provision requiring the assignee to indemnify 735
and hold harmless the assignor from all liabilities, damages, 736
losses, and costs, including, but not limited to, attorney fees. 737
Section 10. Section 627.7156, Florid a Statutes, is created 738
to read: 739
627.7156 Commission rulemaking. —By January 1, 2025, the 740
Financial Services Commission shall adopt rules: 741
(1) Requiring that each time legislation creating or 742
amending law to reform property insurance takes effect, proper ty 743
insurers offer a premium rate reduction to their insureds. 744
(2) Ensuring that insurance fraud committed by any person 745
can be easily reported, investigated, and, if necessary, 746
prosecuted. 747
(3) Redetermining flood zones statewide for use when 748
assigning flood risks. 749
Section 11. No later than October 1, 2025, the Department 750
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 31 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
of Financial Services shall adopt rules regarding its handling 751
of any allegation made by an insurer or an employee or 752
contractor thereof of insurance fraud in connection with any 753
violation specified in s. 626.9892(2), Florida Statutes. Such 754
rules must require that: 755
(1) The Department of Financial Services inform the 756
Division of Investigative and Forensic Services of any such 757
allegation. 758
(2) The department promptly investigate suc h allegations. 759
(3) If the department determines that there was no fraud, 760
the insurer alleging such fraud be appropriately sanctioned by a 761
fine of up to $100,000. 762
(4) All documents relating to such sanctions are public 763
records. 764
Section 12. (1) The Office of Program Policy Analysis and 765
Government Accountability (OPPAGA) shall conduct a study to 766
evaluate the effectiveness of the property insurance mediation 767
program set forth in s. 627.7015, Florida Statutes. The study's 768
scope must include, but need no t be limited to: 769
(a) Improvements in the public's awareness of the program 770
and the advantages of participation in the program. 771
(b) Program resource needs. 772
(2) The study must include recommendations for any changes 773
needed to improve the efficiency of the program to maximize its 774
usefulness as an alternative to litigation. 775
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 32 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(3) In conducting the study, OPPAGA shall consult with the 776
Department of Financial Services, insurers, and organizations 777
representing insurance consumers. 778
(4) OPPAGA shall submit a report on its findings to the 779
President of the Senate and the Speaker of the House of 780
Representatives by December 1, 2025. 781
Section 13. Section 4 of chapter 2022 -268, Laws of 782
Florida, is amended to read: 783
Section 4. (1) For the 2024-2025 2022-2023 fiscal year, 784
the sum of $300 $150 million in nonrecurring funds is 785
appropriated from the General Revenue Fund to the Department of 786
Financial Services for the My Safe Florida Home Program. The 787
funds shall be placed in reserve. The department shall submit 788
budget amendments requesting release of the funds held in 789
reserve pursuant to chapter 216, Florida Statutes. The budget 790
amendments shall include a detailed spending plan. 791
(2) The funds must shall be allocated as follows: 792
(a) Fifty Twenty-five million dollars for hurricane 793
mitigation inspections. 794
(b) Two hundred thirty One hundred fifteen million dollars 795
for mitigation grants. 796
(c) Eight Four million dollars for education and consumer 797
awareness. 798
(d) Two One million dollars for public outreach for 799
contractors and real estate brokers and sales associates. 800
HB 1017 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1017-00
Page 33 of 33
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(e) Ten Five million dollars for administrative costs. 801
(3) Any unexpended balance of funds from this 802
appropriation remaining on June 30, 2025 2023, shall revert and 803
is appropriated to the Department of Financial Services for the 804
2025-2026 2023-2024 fiscal year for the same purpose. 805
(4) The department may adopt emergency rules pursuant to 806
s. 120.54, Florida Statutes, at any time, as are necessary to 807
implement this section and s. 215.5586, Florida St atutes, as 808
amended by this act. The Legislature finds that such emergency 809
rulemaking authority is necessary to address a critical need in 810
the state's problematic property insurance market. The 811
Legislature further finds that the uniquely short timeframe 812
needed to effectively implement this section for the 2024-2025 813
2022-2023 fiscal year requires that the department adopt rules 814
as quickly as practicable. Therefore, in adopting such emergency 815
rules, the department need not make the findings required by s. 816
120.54(4)(a), Florida Statutes. Emergency rules adopted under 817
this section are exempt from s. 120.54(4)(c), Florida Statutes, 818
and shall remain in effect until replaced by rules adopted under 819
the nonemergency rulemaking procedures of chapter 120, Florida 820
Statutes, which must occur no later than July 1, 2025 2023. 821
(5) This section expires shall expire on October 1, 2026 822
2024. 823
Section 14. This act shall take effect July 1, 2024. 824