South Florida Community July 8, 2022

Tired Of Dealing With Homeowners Insurance Hikes?

Did you know that a new bill has recently been passed to help homeowners deal with rising insurance rates? In this video, I’m going to show you how Senate Bill 2D is bringing some positive changes to Florida law. We’ll find out what this new Bill entails and how you can benefit from it.

Trouble With Insurance

The Florida insurance market has been in complete chaos, making insurance premiums skyrocket. This makes it difficult for first-time homebuyers to purchase a home in an already difficult market. It’s been ridiculous, frankly, and completely disgusting. 

Thankfully, there’s a light at the end of the tunnel. Fortunately for homeowners and aspiring homeowners, Florida lawmakers just passed Senate Bill 2D. Let’s take a closer look at what positive changes this Bill brings.

Senate Bill 2D

Senate Bill 2D—also known as SB 2D—includes a variety of reform measures to protect homeowners. This includes requiring roof solicitations to contain customer awareness language, helping reduce frivolous lawsuits. It also protects policyholders from nonrenewal. 

SB 2D also allows roof deductibles in exchange for rate reductions, up to 2% of the insured value or 50% of the roof replacement cost. It also establishes home hardening grants to empower homeowners to protect their homes from storms. This program provides $2 in grant funds for every $1 provided by the homeowner, with a cap of up to $10,000.

Additionally, the Bill includes reform that will help reduce frivolous lawsuits and also improves affordability for policyholders. It authorizes $2 billion for a new program that will help insurers get reimbursement for losses during a hurricane earlier than normal. Overall, the bill makes insurers accountable, preventing them from denying claims without sufficient reasoning.

Improvements For Homeowners

It’s great to know that SB 2D will assist homeowners, both current and those who want to buy a property for the first time. It will help Floridians who are struggling and provide better solutions in the long term.

If you have any questions, feel free to hit me up at 754-581-3452 and I’ll be happy to connect with you. Don’t forget to subscribe to my channel so you never miss an episode of my show, and stay tuned to see what I feature next!