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Governor DeSantis will sign
Senate Bill 76, into law. The law which takes effect July 1st puts several reforms into place aimed at providing greater stability to Florida’s challenging property insurance market. Aside from rapid increases in rates, recently three key property insurance companies announced they
shed a combined 50,000 policies. Actions that haven’t occurred in Florida’s property insurance market since the great recession over a decade ago.
The problems are numerous. Florida is the highest risk state to insure. Risk due to an increase in storms is rising. Florida far and away leads the country in property insurance fraud and litigation. The new law is aimed at cracking down on questionable practices by lawyers and contractors that drive up the price of all home insurance policies in Florida.
Florida Gov. Ron DeSantis on Friday signed a bill into law that he says will make the property insurance market more competitive and hopefully make policies more affordable for consumers.