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New Laws Transform Property Insurance in Florida, California

1/20/2025

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Summary

Story summary

Florida's SB 128 mandates insurers to notify homeowners 45 days before cancellations or premium hikes, enhancing communication during a property insurance crisis.
California's new law permits insurers to use algorithms for rate-setting, sparking concerns over consumer protection.
Climate change escalates disaster risks in both states, pushing more homeowners towards state-backed insurance plans, which may lack financial sustainability.

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Story summary

Florida's SB 128 mandates insurers to notify homeowners 45 days before cancellations or premium hikes, enhancing communication during a property insurance crisis.
California's new law permits insurers to use algorithms for rate-setting, sparking concerns over consumer protection.
Climate change escalates disaster risks in both states, pushing more homeowners towards state-backed insurance plans, which may lack financial sustainability.