Did you hear about the new Florida insurance law in 2023? It’s called Senate Bill 2A, and it started on March 1, 2023. This law introduces stricter rules for insurance carriers and claims adjusters, but includes some relief, too. It’s a welcome change — the Insurance Information Institute said Florida’s insurance market was “on the verge of failure” in June 2022.
The new Florida property insurance law, SB 2A, has some big changes for insurance companies, claims adjusters, and policyholders. Here are the main things you should know.
SB 2-A puts specific changes and duties in place for insurance carriers operating in Florida. One key aspect is the repeal of one-way attorney fees if the insured wins a lawsuit. While Florida sees just 9% of all homeowners insurance claims in the U.S., the state sees 79% of the nation’s homeowners insurance lawsuits over claims. This modification alone is expected to save insurance companies a lot of money, reduce the number of cases filed, and lower consumer premiums.
Senate Bill 2A brings with it increased responsibilities for insurance carriers in Florida. These changes aim to improve communication and response times for claims. As an insurance carrier, you must:
Besides cost savings from not having to pay attorney fees if the insured wins a lawsuit, insurance providers can see additional benefits, including:
Insurance companies in Florida aren’t the only ones feeling the effects of SB 2A. Independent adjusters will also notice a few benefits and obligations of the new regulations.
As an adjuster, you’ll encounter new obligations that are crucial to your workflow. To navigate the claims process smoothly, you must:
SB 2A offers many advantages for independent adjusters. Here are some upsides to keep in mind:
Navigating the new regulatory landscape introduced by the new Florida homeowners insurance laws can be challenging for insurance carriers. However, you don't have to face it alone. At CNC, we understand the complexities of the new Florida insurance bill and its impact on insurance companies and adjusters. Our independent adjusting firm is here to assist you in managing your claims effectively from start to finish.
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