If you’re a Florida homeowner, contractor, public adjuster, or lawyer, then it’s important to know about Senate Bill 2-D and 4-D. These two bills make widespread changes to the laws that govern Florida property insurance, and they were passed as part of a special legislative session on May 25, 2022. Governor Ron DeSantis approved both bills by signing SJ39 on May 26, 2022. In this blog post, we’ll review some of the changes that are likely to be positive for policyholders.
What Are The Changes?
One of the most significant changes is the creation of the $200 million Reinsurance to Assist Policyholders (RAP) fund. This fund will be administered by the State Board of Administration, and it’s designed to help insurers cover claims in the event of a major hurricane.
How Does This Affect Policyholders?
One of the most significant changes is the creation of the $200 million Reinsurance to Assist Policyholders (RAP) fund. This fund will be administered by the State Board of Administration, and it’s designed to help insurers cover claims in the event of a major hurricane.
Another positive change is that public adjusters can now work directly with policyholders without going through the insurance companies.
This should make it easier for policyholders to get the help they need after a hurricane or other disaster.There are also several changes that will make it easier for contractors to get paid for their work. For example, insurers will now be required to pay interest on late payments, and they’ll also have to give contractors a reasonable amount of time to complete their work.
How Does This Affect Me?
Overall, these changes should make it easier for homeowners and businesses to recover from a hurricane or other disaster. If you have any questions about how the new laws will affect you, be sure to talk to an experienced lawyer.
If you need legal assistance RAK Law Firm, PLLC can help. Contact us today at (813) 750-0513 to schedule a free case consultation.