It would bar insurers from non-renewing policies until at least 90 days beyond the completion of storm repairs and require insurers to pay replacement costs to homeowners up front.

Insurers would also be required to provide homeowners with a "policy checklist" clearly outlining exactly what is and is not covered, and to offer a range of hurricane deductibles, disclosing the potential cost effects of each choice.

The bill also mandates that carriers increase the amount of coverage they offer to cover the costs of rebuilding a home to meet new building codes from 25 percent to 50 percent. Also, a public hearing could be requested for any rate request exceeding 15 percent.

However, the measure would also expand the current mediation program for claims disputes to allow commercial residential insureds to participate.

The legislation creates a low interest loan program offering up to $1 million for homeowners to make changes to their homes to reduce potential hurricane losses and requires insurers to notify customers what discounts are offered for making such changes.

A further change would reset the Florida Hurricane Catastrophe Fund retention level to $4.5 billion and apply that level to each of the two largest storms of the season.

"Throughout the session, legislative leaders faced the difficult task of crafting compromise legislation that would keep insurers writing property insurance in Florida, but that also would respond to consumer concerns regarding insurance availability and consumers' understanding of their homeowners policies," said Cecil Pearce, vice president of the southeast region for the American Insurance Association.

"While we are concerned with some of the regulatory aspects of the bill, we nonetheless commend the leadership for the deliberate and thorough process that led to the passage of this compromise measure," he added.