Gov. Ron DeSantis is signing the controversial property insurance reform bill into law on Friday, which could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. while attempting to cut back on roof-damage claims and lawsuits.
Updated: 1:14 PM EDT Jun 11, 2021 Jim Saunders, News Service of Florida Author Florida’s insurance commissioner said Friday he is seeing “positive signs” in the market as Gov. Ron DeSantis signed a property-insurance package passed by lawmakers in April.The measure (SB 76) is intended to curb roof-damage claims and lawsuits, while allowing larger rate increases for customers of the state-backed Citizens Property Insurance Corp. Lawmakers passed the bill as private insurers have raised rates and shed policies, with many homeowners turning to Citizens for coverage.At a bill-signing event Friday in Sarasota, Insurance Commissioner David Altmaier said he has seen changes from private insurers since lawmakers passed the measure, which will take effect July 1.“Carriers have brought in additional private market capital to re-bolster their balance sheets. We have seen positive news from the reinsurance markets with respect to the direction that reinsur
Florida Gov. Ron DeSantis on Friday officially signed into law reform legislation on property insurance and roofing contractor practices, a measure some
While some insurers say the new measures will help keep costs down, critics say it could raise premiums on homeowners who get coverage from Citizens, the state’s provider of last resort.