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Old Today, 04:16 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,761 posts, read 5,529,966 times
Reputation: 3937

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I had mentioned something about this awhile back on a thread here when the topic of older homes and roofs came up. At the time the bill was proposed but action had not been taken by the FL legislature yet.

SB 76 was passed and is waiting to be signed into law.

Several huge changes for FL homeowners under this legislation, including how insurance companies cover roofs. Under the new law, insurance companies would be allowed to pro-rate coverage of roofs that are 10 years of age or older. From what I have been reading of the bill, it appears to require insurance companies to provide reimbursement amounts of at least 40% coverage for all tile and shingle roofs. Even so, that would mean the homeowner could be responsible for up to 60% of the cost of replacing an older roof on a claim.

The bill goes on to put caps on the amounts lawyers can collect as a 3rd party to filing for claims on behalf of home owners.


Finally, the bill raises the cap on Citizens annual rate increases to a maximum of 15% in 2026.


Effective date of the bill is July 1, 2021.
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Old Today, 05:12 PM
 
Location: Tampa
77 posts, read 26,337 times
Reputation: 90
This mostly helps the insurance companies, but hopefully it will also help lower rates.
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