Panel backs bill requiring insurers to provide consumer‑facing rate explanations

Summary

HB 767 would require insurers to file consumer‑facing transparency reports explaining, in percentage terms, the drivers behind homeowners' premium increases and to post materials on an OIR website; the subcommittee reported the bill favorably after members emphasized the need for a clear public rollout.

Representative Benaroche said HB 767 does not set or approve rates but requires insurers to include a plain‑language transparency report when filing for rate changes that explains the major factors (reinsurance, claims, litigation costs) influencing increases in percentage terms. "This bill gives Florida homeowners a clear plain language explanation of why their insurance rates increase year after year," Benaroche said.

Members praised the bill as educational and asked how the Office of Insurance Regulation will host and advertise a consumer resource center. Benaroche said the bill requires OIR to improve its website and provide navigable information; several members urged a robust rollout and layman's terms so consumers can use the resource. The committee recorded a favorable report on the bill.