DeSantis to sign property insurance changes that could affect Citizens rates
The heavily negotiated bill the Florida Legislature passed drew criticism from some lawmakers for going too far, while others argued it didnât go far enough.
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A roof remains heavily damaged on Mexico Beach in May 2019, seven months after Hurricane Michael made landfall and destroyed many of the structures in the small coastal Florida panhandle city. [ DOUGLAS R. CLIFFORD | Tampa Bay Times ]
By News Service of Florida
Published 50 minutes ago
Updated 50 minutes ago
TALLAHASSEE â Gov. Ron DeSantis said Wednesday he will sign a property-insurance package that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. while seeking to curb roof-damage claims and lawsuits.
Gov. Ron DeSantis said Wednesday he will sign a property insurance package that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. while seeking to curb roof-damage claims and lawsuits.
Responding to a Sun Sentinel editorial on the reasons behind skyrocketing property insurance costs, the president of the Florida Association of Public Insurance Adjusters’ Board of Directors writes that public insurance adjusters are advocates for homeowners who shouldn't be lumped in with the bad actors whose fraudulent claims are part of the reason underlying rising insurance costs .
Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms
A bill passed by the Florida Legislature to address the state’s property insurance crisis has created optimism among some stakeholders, while others say it will not reduce rates over the next 18 to 24 months or stop the state’s out-of-control claims litigation.
This year’s effort to pass property insurance reforms came down to the wire with the passage of Senate Bill 76 on the last day of session. The bill attempts to solve some of the issues plaguing the state’s homeowners insurance market in which insurers lost more than $1.5 billion last year. Consumers are facing double-digit rate increases, restricted coverage, or having to turn to the state’s insurer of last resort, Citizens Property Insurance.