H0001: Property Insurance

Legislative Summary

Creates Florida Optional Reinsurance Assistance program (FORA); authorizes eligible insurers to purchase reinsurance coverage under FORA; requires board to provide specified coverage layers; specifies requirements & procedures for appropriation of funds from General Revenue Fund to provide reimbursements under FORA; removes right to attorney fees for judgments or decrees against surplus lines insurers in suits arising under residential or commercial property insurance policies; revises eligibility requirements for renewing coverage with Citizens Property Insurance Corporation for personal lines residential & commercial lines residential risks; specifies burden of proof for corporation policyholders making claims for water damage; specifies conditions that must be met for property insurance policy to require mandatory binding arbitration; removes right to attorney fees payable by insurers in alternative procedure for resolution of disputed sinkhole insurance claims; prohibits policyholders from assigning post-loss insurance benefits under residential or commercial property insurance policies; provides appropriation.