By Kerry Smith
Three bills from the 2021 final report on the Legislature become effective Thursday, including a new property insurance law and $900M to help the environment.
TALLAHASSEE, Fla. – Florida Realtors® advocated for a number of issues in the 2021 session of the Florida Legislature, including three that were signed by Gov. DeSantis and go into effect on Thursday, July 1.
Property insurance: The first, SB 76, is a comprehensive property insurance bill that implements several measures intended to address rising insurance costs within the state, by generally tightening some issues that can lead to rising insurance costs, including:
- Limiting some of the things contractors may do in relation to insurance claims for roof damage
- Limiting the fees attorneys representing claimants may receive
- Requiring policyholders to file claims within three years of a loss
- Strengthening Florida Office of Insurance Regulation (OIR) oversight of companies affiliated with Florida property insurers
- Requiring Florida residential property insurers to file a comprehensive annual report with OIR regarding closed claims
- Increases the 10% cap on Citizens rate increases by 1% annually beginning in 2022, until the cap reaches 15% in 2026
Environment: As part of the state budget, nearly $900 million will also be available to help the environment on July 1. This year’s fiscal budget includes money for:
- Everglades restoration: $487 million
- Springs protection: $50 million
- Beach projects: $100 million
- The Wastewater Grant Program: $116 million
- The Resilient Florida Grant Program: $29 million
The federal American Rescue Plan Act of 2021 passed during the pandemic also includes a total of $1.08 billion in federal funding that has been allocated for several of the environmental programs.
Unlicensed activity: The Florida Legislature also allocated up to $500,000 to be used during the new fiscal year to prevent unlicensed real estate activity.
© 2021 Florida Realtors®
