NEW FLORIDA LAWS AS OF JULY 1 » Mortgage Masters Group
25087
post-template-default,single,single-post,postid-25087,single-format-standard,bridge-core-1.0.5,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-27.3,qode-theme-bridge,wpb-js-composer js-comp-ver-6.7.0,vc_responsive

NEW FLORIDA LAWS AS OF JULY 1

Graphic with the State of Florida and the words New Florida Laws

Three bills from the 2021 final report on the Legislature became effective on July 1st, including a new property insurance law and $900M to help the environment.

 

Florida Realtors® advocated for a number of issues in the 2021 session of the Florida Legislature, including three that were signed by Gov. DeSantis and go into effect on Thursday, July 1.

Property insurance: The first, SB 76 (Opens in new tab.), is a comprehensive property insurance bill that implements several measures intended to address rising insurance costs within the state, by generally tightening some issues that can lead to rising insurance costs, including:

      • Limiting some of the things contractors may do in relation to insurance claims for roof damage

      • Limiting the fees attorneys representing claimants may receive

      • Requiring policyholders to file claims within three years of a loss

      • Strengthening Florida Office of Insurance Regulation (OIR) oversight of companies affiliated with Florida property insurers

      • Requiring Florida residential property insurers to file a comprehensive annual report with OIR regarding closed claims

      • Increases the 10% cap on Citizens rate increases by 1% annually beginning in 2022, until the cap reaches 15% in 2026

 

Environment: As part of the state budget, nearly $900 million will also be available to help the environment on July 1. This year’s fiscal budget includes money for:

      • Everglades restoration: $487 million

      • Springs protection: $50 million

      • Beach projects: $100 million

      • The Wastewater Grant Program: $116 million

      • The Resilient Florida Grant Program: $29 million

 

The federal American Rescue Plan Act of 2021 passed during the pandemic also includes a total of $1.08 billion in federal funding that has been allocated for several of the environmental programs.

 

Unlicensed activity: The Florida Legislature also allocated up to $500,000 to be used during the new fiscal year to prevent unlicensed real estate activity.

 

Source: Florida Realtors®