On June 18, 2019, Florida Governor Ron DeSantis signed House Bill 301 into law, implementing two major changes to Florida’s surplus lines regulations. First, HB 301 lifts the $35 cap on surplus lines agent policy fees, instead only requiring the fee to be reasonable. The agent fees must be disclosed to the consumer before purchase and separately stated in the policy. Next, the bill revises the types of residential property that require only one declination instead of the standard three declinations to obtain surplus lines insurance from properties valued at $1,000,000 or more to properties valued at $700,000 or more. This will allow more homeowners to access the surplus lines market. HB 301 takes effect on July 1, 2019.
For any questions regarding House Bill 301, or for surplus lines regulatory inquiries, please contact Westmont Associates, Inc.