Companies that write homeowners’ insurance policies may not deny coverage solely on the age of a property’s roof under a new measure signed into law last month. The new law also cracks down on frivolous lawsuits that drive up homeowners’ insurance premiums in the state.
The measure will “help stabilize a problematic market, and pave the way for more choices for homeowners,” said DeSantis who signed the measure into law on May 26.
Specifically, Senate Bill 2B forbids insurance companies from denying coverage based solely on the age of a roof if the roof is less than 15 years old, or if the roof is determined to have at least 5 years of useful life remaining.
When a claim is either partially or entirely denied, insurance companies are required to provide the homeowner with a reasonable explanation for the denial, and to provide clients with greater access to information relative to the claim.
To reduce unfounded lawsuits, Senate Bill 2B removes the incentive to file frivolous lawsuits by limiting the assignment of attorney fees in property insurance cases.
Finally, the measure provides $150 billion for the My Safe Florida Program for grants to homeowners who retrofit their homes to become more resistant to hurricane damage.
The bipartisan Senate Bill 2B was passed during a special session of the legislature last month.