Three bills from the 2021 final report on the Legislature become effective Thursday, 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, 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®