New Reporting Requirements For Florida Home Insurers In 2022
Just as insured homeowners have a set of responsibilities they must follow to maintain coverage and report property damage, insurance companies have their own rules and regulations to follow. Under the 2021 legislation known as SB 76, Florida insurers have updated closed-claim reporting requirements to adhere to.
Effective beginning in 2022, residential property insurers are required to file, each year, a supplemental report for closed claims with the Florida Office of Insurance Regulation. The report must be submitted on a state-authorized form and include certain data elements regarding closed claims, such as:
- The type of policy involved in the claim;
- The date of loss;
- The location of the loss, including the county and zip code where the claim occurred;
- The peril or type of loss;
- Information regarding any vendors used for repair, replacement, or mitigation;
- The date the claim was reported to the insurer;
- The name of the public adjuster on the claim, if one was used;
- Any indemnity paid by the insurer;
- The Florida Bar number and name of the attorney for the claimant, if they retained counsel;
- Total loss adjustment expenses paid;
- Contingency risk multipliers applied;
- Any other information needed to assist the agency in tracking litigation and claims trends in the Florida property damage insurance market.
This new requirement applies to claims closed during 2022 and beyond, regardless of when the claims were opened. Accordingly, data gathered under the new Florida homeowners insurance reporting requirement will likely improve over time as they include some new aspects that were not previously tracked in a uniform manner.
The reporting requirements were part of a broader overall reform effort by Florida legislators and the Governor’s Office to reduce the financial burden on Florida homeowners. Theoretically, the legislative package would aim to reduce insurance premiums while improving homeowner’s insurance options and coverage in the Florida market. These hopes have yet to materialize in the form of real results – premiums continue to rise while thousands of Floridians have been dropped from their property insurance policies in 2022.
What Do the New Insurance Reporting Requirements Mean for Florida Homeowners?
Property owners in Florida will need to adopt a wait & see approach with these reforms to see just what it means for their coverage and claims. Most of the reporting requirements refer to standard information that would not affect the claims process one way or another. The requested information that aims to track the contractors involved with repairs and attorneys used by insureds during the claims process raises some eyebrows, however. It seems geared toward improving accountability and efficiency, but one wonders just how the State of Florida plans to use the information.
If Your Property Insurance Company is Causing Issues During the Claims Process, the Attorneys at Bundza & Rodriguez, P.A., Can Help
Updated reporting requirements are one more task for an insurance company’s agenda – and a big part of that agenda is maintaining profit while minimizing payouts on damage claims. The Daytona property damage insurance attorneys at Bundza & Rodriguez, P.A., have worked with hundreds of clients in the Daytona area and beyond on a wide variety of property damage issues. Our legal team will not hesitate to take any action needed – including legal action – to preserve and advance a property owner’s coverage rights. We are anxious to walk you through the process and answer any questions you may have. If your insurance company is delaying or denying your claim, don’t hesitate to call our Daytona law offices at 386-252-5170, or schedule a consultation with our Daytona Beach property damage attorneys online.