New Fla. Laws Go into Effect on July 1

Three costs from the 2021 ultimate report on the Legislature become effective Thursday, which include a new house insurance coverage legislation and $900M to assist the setting.

TALLAHASSEE, Fla. – Florida Realtors® advocated for a number of troubles in the 2021 session of the Florida Legislature, together with three that had been signed by Gov. DeSantis and go into impact on Thursday, July 1.

House insurance policy: The very first, SB 76, is a detailed home coverage invoice that implements a number of steps meant to deal with growing coverage costs inside of the condition, by usually tightening some problems that can lead to soaring insurance coverage charges, such as:

  • Restricting some of the items contractors could do in relation to insurance policies statements for roof hurt
  • Limiting the expenses lawyers symbolizing claimants may possibly receive
  • Demanding policyholders to file claims inside of a few many years of a reduction
  • Strengthening Florida Office environment of Insurance policy Regulation (OIR) oversight of firms affiliated with Florida home insurers
  • Demanding Florida household home insurers to file a in depth yearly report with OIR concerning shut statements
  • Will increase the 10% cap on Citizens amount increases by 1% each year beginning in 2022, until eventually the cap reaches 15% in 2026

Surroundings: As component of the state finances, virtually $900 million will also be accessible to enable the ecosystem on July 1. This year’s fiscal funds features revenue for:

  • Everglades restoration: $487 million
  • Springs defense: $50 million
  • Beach front tasks: $100 million
  • The Wastewater Grant Method: $116 million
  • The Resilient Florida Grant Method: $29 million

The federal American Rescue Approach Act of 2021 handed all through the pandemic also consists of a total of $1.08 billion in federal funding that has been allocated for several of the environmental plans.

Unlicensed exercise: The Florida Legislature also allocated up to $500,000 to be utilized in the course of the new fiscal calendar year to avert unlicensed genuine estate action.

© 2021 Florida Realtors®