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The Florida Office of Insurance Regulations (OIR) has suggested that Florida domestic property insurers are likely to double their losses from 2019 to 2020. Here, residents survey debris after Hurricane Michael hit in Mexico Beach, Fla., in 2018. (Photo: Zack Wittman/Bloomberg) The Florida Office of Insurance Regulations (OIR) has suggested that Florida domestic property insurers are likely to double their losses from 2019 to 2020. Here, residents survey debris after Hurricane Michael hit Mexico Beach, Fla., in 2018. (Photo: Zack Wittman/Bloomberg)

Florida Senate Bill 76, introduced by Sen. Jim Boyd (R-Bradenton), recently passed through both the Banking and Insurance Committee and Judiciary Committee during the current legislative session. It now must pass the Rules Committee before being taken to the Senate floor for a vote.

The bill provides sweeping reform of property insurance claims in the state of Florida. More specifically, it revises statutes that govern attorney fees, roof coverage provisions, notice periods for bringing claims, alternative dispute resolution, lawsuits involving property insurance policies, consolidation of legal actions and assignment agreements.

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