In the aftermath of Hurricane Ian at the end of 2022, Florida Governor Ron DeSantis (R) enacted a new statute into law that is designed to make the process of obtaining property insurance easier and less expensive. But do these new regulations actually assist, or do they give property owners too little time to submit damage claims? Take a look below.

How The Law Was Changed For Property Owners

Prior to the passage of this legislation, land owners had a maximum of two (2) years to submit a claim for damage done to their properties. Owners must now contact an insurance company within one (1) year to either file a new initial claim or reopen an old damage claim. If it’s a supplemental claim, property owners have just 18 months, whereas before they had up to 3 years to submit the paperwork to their insurers.

How The Law Was Changed For Insurance Companies

A few additional rules have also been implemented for insurers, mostly concerning the effectiveness and timeliness of claim investigations, resolutions, and payments. The declaration page of a policy must state if flood damage is included, and insurance companies must extend significant cost savings to policyholders who choose to enter into an agreement to arbitrate and choose mediation over litigation.

Can Insurers Still Pay Contractors Directly?

Unfortunately, one of the biggest changes to insurance laws was the elimination of Assignment of Benefits, which allowed contractors to complete home repairs covered under the insured’s policy and bill the insurance provider directly. Then, the contractors would be paid by the insurance company, making it easier for customers to have their property repaired after a covered incident.

This is no longer allowed, and customers are now required to pay contractors for their services and submit a claim themselves to the insurance company for reimbursement of covered costs. This makes it more difficult for customers to access their policy benefits to have damages to their property repaired, and many home and business owners will be unable to pay contractors up front. These people may be left with no options to have their properties fixed.

Get Help With Property Insurance Claims In Florida Today

If you need help navigating a Florida property insurance claim, contact veteran real estate attorney Joseph Hughes for comprehensive legal representation now by dialing (954) 256-5125. Serving Fort Lauderdale and surrounding areas.