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Gov. Scott signs real estate-related bills into law

Tuesday, May 26, 2015  
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Three bills highlighted in the Florida REALTORS® end-of-session report have become law after being signed by Gov. Rick Scott. Two affect property insurance, while one focuses on Florida Real Estate Commission (FREC) rules. All three laws go into effect July 1, 2015.

Flood insurance
SB 1094 expands an effort that began last year to establish a private, primary flood insurance market – an alternative for property owners to the National Flood Insurance Program.

It allows insurers to offer "flexible" flood insurance coverage that, among other things, may be for an agreed upon amount or cover only the building, and not personal property or additional living expenses.

Real estate brokers and appraisers
SB 608 gives FREC the ability to reinstate null and void licenses when a hardship occurs. It also allows a brokerage to temporarily appoint a broker of record in the event of a death or other unexpected situation, and it clarifies certain appraiser and appraisal management company recordkeeping requirements.

Flood Insurance Guarantee Fund (FIGA)
SB 836 lengthens the amount of time insurance companies have to pay assessments to FIGA, a state fund that pays claims of insurers that go bust. The change is designed to attract private market capital to the state.

© 2015 Florida Realtors®

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