Desantis Insurance Bill – Understanding its Impact on Florida Homeowners

On June 15, 2021, Florida Governor Ron DeSantis signed a new insurance bill into law that, among other things, aims to reduce property insurance rates for Florida homeowners. This new law is known as the “Desantis Insurance Bill.” In this article, we will discuss the Desantis Insurance Bill and how it will affect Florida homeowners. We will also answer some frequently asked questions about this new law.

What is the Desantis Insurance Bill?

The Desantis Insurance Bill is a new law that was signed by Governor Ron DeSantis on June 15, 2021. This bill makes a number of changes to the way that insurance companies operate in Florida, with the aim of reducing property insurance rates for Florida homeowners.

One of the key changes that this new law makes is that it limits the amount that insurance companies can charge for roof damage claims. Under the Desantis Insurance Bill, insurance companies are only allowed to use a specific pricing formula when determining the value of roof damage claims. This formula takes into account the age of the roof, the number of layers of shingles, and the cost of the repairs.

Another major change that this new law makes is that it limits the amount that insurance companies can charge for assignment of benefits (AOB) agreements. AOB agreements are contracts that homeowners sign when they hire contractors to make repairs to their homes. Under the Desantis Insurance Bill, insurance companies are only allowed to charge a maximum fee of $700 for an AOB agreement.

Overall, the aim of the Desantis Insurance Bill is to reduce property insurance rates for Florida homeowners by reducing the fees that insurance companies can charge for certain types of claims and agreements.

How will the Desantis Insurance Bill affect Florida homeowners?

The Desantis Insurance Bill is expected to have a significant impact on Florida homeowners, particularly those who have been struggling with high property insurance rates. By reducing the fees that insurance companies can charge for certain types of claims and agreements, this new law is expected to lead to lower insurance rates for Florida homeowners across the state.

For homeowners who have been struggling to afford their property insurance premiums, this new law could be a lifeline. The reduction in rates could make it possible for more homeowners to keep their homes, even in the face of financial difficulties. Additionally, the new roof damage claim pricing formula will make it easier for homeowners to make repairs to their homes without having to worry about paying high fees to their insurance companies.

FAQs

Q: Will the Desantis Insurance Bill lower my property insurance rates?

A: It is expected that the Desantis Insurance Bill will lead to lower property insurance rates for Florida homeowners, particularly those who have been struggling with high rates in the past. However, it is important to note that the exact impact of this new law on insurance rates will depend on a number of factors, including the insurance company that you use and the type of property that you own.

Q: When will the Desantis Insurance Bill go into effect?

A: The Desantis Insurance Bill officially went into effect on July 1, 2021.

Q: What other changes does the Desantis Insurance Bill make?

A: In addition to the changes we have discussed in this article, the Desantis Insurance Bill also makes a number of other changes to the way that insurance companies operate in Florida. For example, it requires insurance companies to provide more detailed information to policyholders about their coverage options and requires them to offer discounts to homeowners who have certain types of hurricane-resistant features on their homes.

Q: Will the Desantis Insurance Bill apply to all types of property insurance?

A: The Desantis Insurance Bill applies to all types of property insurance, including homeowner’s insurance, renter’s insurance, and condo insurance.

Q: Is the Desantis Insurance Bill permanent?

A: The Desantis Insurance Bill is permanent, which means that its effects will be felt for years to come. However, it is possible that the law could be amended or repealed in the future if lawmakers determine that changes are necessary.

Conclusion

The Desantis Insurance Bill is a new law that aims to reduce property insurance rates for Florida homeowners by limiting the fees that insurance companies can charge for certain types of claims and agreements. By reducing these fees, the new law is expected to make it easier for homeowners to keep their homes, even in the face of financial difficulties. If you are a Florida homeowner, it is important to familiarize yourself with the changes that this new law makes to ensure that you are taking advantage of all the benefits that it offers.