Florida's Insurance Market is About to be Upended

The rules around selling policies for Florida's state-backed insurer of last resort Citizens Property Insurance Corp. are about to change as a bill signed into law by Governor Ron DeSantis last month comes into effect on July 1.Under House Bill 1503, insurance agents in the Sunshine State will be required to have at least three appointments with authorized carriers before they can sell policies for Citizens. Until now, insurance agents were required to have only one appointment.

'It will help Floridians in the long run to ensure that their insurance agent is performing the functions that is expected of an insurance professional.'The new law also allows surplus lines insurers meeting state standards to take out Citizens policies on secondary homes.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Florida Insurance Market Braces for Hurricane SeasonAn above-normal Atlantic hurricane season could destabilize Florida's fragile insurance market, which is yet to find a way out of its ongoing crisis.
Source: Newsweek - 🏆 468. / 52 Read more »

How much do you pay?: There’s conflicting data on how much the average Florida resident pays for property insuranceFlorida’s Office of Insurance has stated the average homeowner’s property insurance premium in the market is approximately $3,600, but other insurance data experts report higher premiums.
Source: wjxt4 - 🏆 246. / 63 Read more »

Insurance expert explains how property insurance companies use drones to inspect policyholders’ roofsFor years, property insurance companies have used drones to inspect property damage after a natural disaster.
Source: wjxt4 - 🏆 246. / 63 Read more »