NEW FLORIDA INSURANCE LAWS COME INTO EFFECT TODAY

A series of bills recently signed into law which impact Florida’s insurance market come into effect today. These include a directive for state-backed insurer Citizens to stop writing new multi-peril policies for the insurer’s high-risk coastal account. Instead, Citizens will need to offer separate wind-only policies and policies excluding wind. Another new law states insurers in the state cannot deny claims on residential policies “on the basis of misrepresentation in the application if the policy has been in effect for more than 30 days. The latest laws follow the introduction into law of bill SB542 on June 13, which allows any authorised insurer to write flood policies in a bid to provide competition for the National Flood Insurance Programme.