What must insurance companies do regarding policy renewals in Florida?

In Florida, insurance companies are required to notify policyholders in advance regarding policy renewals. This requirement serves to ensure transparency and allow policyholders adequate time to review their options, adapt to any changes in coverage, or seek alternative insurance solutions if necessary. The notification must be sent out before the renewal date, giving policyholders a clear understanding of the terms of their policy, any changes that may have been made, and the renewal premium.

This practice not only fosters trust between the insurer and the insured but also aligns with consumer protection standards in the insurance industry. By adhering to this notification requirement, insurance companies play a critical role in maintaining an informed customer base, thus facilitating better decision-making for individuals purchasing or renewing insurance coverage.