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Florida's Insurance Market is About to be Upended

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A new law coming into effect on July 1 will change the rules around who can sell Citizens' policies in Florida.

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.

 

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