The Epoch Times ByÂ
PUNTA GORDA, Fla.âBoth chambers of the Florida legislature approved a new legislative package geared toward rising property insurance rates, created a $2 billion reinsurance fund. and wrote new rules around coverage denials and what attorneys are able to charge during litigation. As hurricane season looms, the measure now heads to Gov. Ron DeSantisâs desk for approval.
The Republican-controlled Senate voted 30-9 on May 24 for the property insurance bill SB-2-D and SB-4-D sponsored by Republican State Sen. Jim Boyd in the hope of lessening the upfront insurance costs for homeowners by lowering premiums and addressing roof repairs. Rep. Jay Trumbull sponsored the House versions HB 1D and HB 3D that passed 95-14 on May 25. Supporters said that it was a good âfirst stepâ in an effort to âstabilize the marketâ and attract insurance carriers back to Florida. Both Chambers signed their respective bills on May 25 and sent it to the governorâs office on May 26.
âThe bill before us isnât perfect and doesnât purport to answer every question or solve every problem but offers a balanced solution,â Trumbull said during the House hearing. âItâs a bill that fights fraud without disenfranchising consumers. It helps Floridaâs domestic insurance companies without rewarding corporate mismanagement. Itâs a bill that provides help for homeowners without endangering the stability of the insurance market.â
