Florida Legislature Proposes Increased Limits to Florida Homeowner Recovery Fund Claims

Florida Legislature Proposes Increased Limits to Florida Homeowner Recovery Fund Claims

By Christopher M. Cobb March 26, 2024 Posted in Community Association Law

The proposed changes to Chapter 489, Florida Statutes, are part of a larger bill impacting many professions governed by the Department of Business and Professional Regulation (DBPR) and would impact the limits of Florida Homeowner Recovery Fund claims.  House Bill 1335 proposes amendments to Section, 489.143, Florida Statutes.   If passed, the statute would be amended by adding the following language increasing limits on the amount of funds that can be paid out by Florida’s Homeowner’s Construction Recovery Fund.

Beginning January 1, 2025, for Division I and Division II contracts entered into on or after July 1, 2024, payment from the recovery fund is subject to a $100,000 maximum payment for each Division I claim and a $30,000 maximum payment for each Division II claim.  This proposed amendment would double the current claim limits.

Beginning January 1, 2025, for Division I and Division II contracts entered into on or after July 1, 2024, payment from the recovery fund is subject only to a total aggregate cap of $2 million for each Division I licensee and $600,000 for each Division II licensee.

If enacted, the changes would take effect on July 1, 2024.

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