Effective July 1, 2021, several new Florida laws impacting real estate are taking effect. Of course, there are multiple other laws taking effect today as well, however below we will focus on three areas that were advocated for by the Florida Realtors Association.
3 real estate related bills signed into law
- Property insurance: SB 76 is a comprehensive property insurance bill that implements several measures intended to address rising insurance costs within the state, by generally tightening some issues that can lead to rising insurance costs. Some of these areas include:
- limits to some of the things contractors may do in relation to insurance claims for roof damage
- limits to the fees attorneys representing claimants may receive
- requirements for policyholders to file claims within three years of a loss
- Strengthening Florida Office of Insurance Regulation (OIR) oversight of companies affiliated with Florida property insurers
- A requirement for Florida residential property insurers to file a comprehensive annual report with OIR regarding closed claims
- An increase to the 10% cap on Citizens rate increases by 1% annually beginning in 2022, until the cap reaches 15% in 2026
- Environment: Nearly $900 million will be available to help the environment as of July 1, 2021, as part of the state budget
- Everglades restoration: $487 million
- Springs protection: $50 million
- Beach projects: $100 million
- The Wastewater Grant Program: $116 million
- The Resilient Florida Grant Program: $29 million
- Unlicensed real estate activity: Up to $500,000 was allocated by the Florida Legislature to be used during the new fiscal year to prevent unlicensed real estate activity.
Summary
Property insurance and the environment have certainly garnered much warranted attention in recent years. With this said, it is encouraging that these areas were addressed with the new laws taking effect. With regards to property insurance, this has become an area of much abuse and exploitation over the years. This has thus led to premium increases for the many other Floridians that are not abusing the system.
As for the environment, it is refreshing to see so many resources applied to Florida’s most precious resource. In addition, Florida’s environment is also responsible for driving a significant proportion of the revenues for the state. It is critical that our natural resources and environment are preserved in order for Florida to remain as one of the top destinations in the country, if not world.
Are you looking to buy or sell property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
