Florida residents can now apply for cheaper renters insurance
A new law signed Tuesday by Gov.
Rick Scott allows Florida residents to get cheaper insurance from the state’s three major insurers.
The bill also allows some older homeowners to get more affordable coverage through an agency of their choosing.
The measure also allows residents to stay on their own property for two years before moving in with a new landlord.
“I’m proud that Florida is taking steps to improve the lives of all Floridians,” Scott said in a statement.
“This bill allows Floridans to save money while providing access to the affordable coverage available through the state of Florida’s three main insurance companies.”
The law allows Florida homeowners to qualify for an annual policy renewal fee, which would be a $100 rebate for homeowners who pay more than $1,200 a year.
The fee would be $30 a year for those who pay less than $300 a year, and $50 a year or less for those paying less than or equal to $300.
The law also allows homeowners to buy and renew up to six months of their policy annually.
Under the law, residents who are older than 50 and have lived in Florida for less than two years would be eligible for coverage.
That would mean people who would be 65 and older would not be eligible.
A total of 18.4 million Floridian residents are eligible for affordable housing.
The state currently has about 5.5 million affordable housing units.
Under Scott’s bill, a resident would have to have lived at least half of their life in Florida to qualify, and they could apply for coverage as soon as the new policy is issued.
The maximum age to qualify is 65, with no cap on how long residents can live in Florida.
The law also gives Florida homeowners a choice about how they want their home inspected.
They could pay $5 for a standard inspection, $10 for a routine, or $20 for an additional inspection, the Associated Press reported.
Residents who pay $1 to $3 per hour for routine inspections would have a rebate of $2.50 per hour per inspection, while residents who pay at least $3 to $5 per hour would have the same rebate.
The bill also gives Floridias largest insurer the right to charge a 10 percent premium for certain types of coverage.
Currently, most insurance companies charge a 20 percent premium on most of their plans.
The legislation now allows insurers to charge no more than 20 percent of the premium.
The insurance companies would have no option but to charge the premium for a person who pays for insurance.