Florida S1476 mandates premium discounts for homeowners' insurance based on claim-free periods and mitigation improvements.

Florida S1476 requires residential property insurers to provide premium reductions for policyholders who maintain a claim-free period of at least three years or complete mitigation improvements. The discount must be at least 5% of the annual premium, increasing by an additional 5% for each consecutive claim-free year. Insurers must also submit annual reports to the Office of Insurance Regulation, which compiles and publishes an annual report on its website. The bill prohibits storm-related claims from being used to deny eligibility for premium reductions.

Florida S1476 mandates premium discounts for homeowners' insurance based on claim-free periods and mitigation improvements.

Florida S1476 requires residential property insurers to provide premium reductions for policyholders who maintain a claim-free period of at least three years or complete mitigation improvements. The discount must be at least 5% of the annual premium, increasing by an additional 5% for each consecutive claim-free year. Insurers must also submit annual reports to the Office of Insurance Regulation, which compiles and publishes an annual report on its website. The bill prohibits storm-related claims from being used to deny eligibility for premium reductions.