Florida Senate - 2023                                     SB 594
       
       
        
       By Senator Martin
       
       
       
       
       
       33-00961-23                                            2023594__
    1                        A bill to be entitled                      
    2         An act relating to residential property insurance
    3         rates; amending s. 627.0629, F.S.; adding wind uplift
    4         prevention to a list of fixtures or construction
    5         techniques for which a residential property insurance
    6         rate filing must include actuarially reasonable rate
    7         differentials or appropriate deductible reductions;
    8         providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (1) of section 627.0629, Florida
   13  Statutes, is amended to read:
   14         627.0629 Residential property insurance; rate filings.—
   15         (1) It is the intent of the Legislature that insurers
   16  provide savings to consumers who install or implement windstorm
   17  damage mitigation techniques, alterations, or solutions to their
   18  properties to prevent windstorm losses. A rate filing for
   19  residential property insurance must include actuarially
   20  reasonable discounts, credits, or other rate differentials, or
   21  appropriate reductions in deductibles, for properties on which
   22  fixtures or construction techniques demonstrated to reduce the
   23  amount of loss in a windstorm have been installed or
   24  implemented. The fixtures or construction techniques must
   25  include, but are not limited to, fixtures or construction
   26  techniques that enhance wind uplift prevention, roof strength,
   27  roof covering performance, roof-to-wall strength, wall-to-floor
   28  to-foundation strength, opening protection, and window, door,
   29  and skylight strength. Credits, discounts, or other rate
   30  differentials, or appropriate reductions in deductibles, for
   31  fixtures and construction techniques that meet the minimum
   32  requirements of the Florida Building Code must be included in
   33  the rate filing. The office shall determine the discounts,
   34  credits, other rate differentials, and appropriate reductions in
   35  deductibles that reflect the full actuarial value of such
   36  revaluation, which may be used by insurers in rate filings.
   37         Section 2. This act shall take effect July 1, 2023.