Florida H0775 proposes automatic premium reductions for homeowners with no claims over 36 months and those who make approved mitigation upgrades.

Florida H0775, the "Homeowner Savings and Premium Reduction Act," mandates automatic premium reductions for homeowners maintaining a 36-month claim-free period and those who complete approved mitigation upgrades. Insurers must apply uniform, actuarially sound reductions, which are published annually by the Office of Insurance Regulation. Homeowners filing major storm claims remain eligible for reductions. The bill also requires insurers to report premium reduction data annually, with the office publishing a summary report.

Florida H0775 proposes automatic premium reductions for homeowners with no claims over 36 months and those who make approved mitigation upgrades.

Florida H0775, the "Homeowner Savings and Premium Reduction Act," mandates automatic premium reductions for homeowners maintaining a 36-month claim-free period and those who complete approved mitigation upgrades. Insurers must apply uniform, actuarially sound reductions, which are published annually by the Office of Insurance Regulation. Homeowners filing major storm claims remain eligible for reductions. The bill also requires insurers to report premium reduction data annually, with the office publishing a summary report.