Moving quickly after a special legislative session, Gov. Ron DeSantis last week signed a bill to try to stem problems in the property-insurance market. Lawmakers passed the bill in a three-day special session that ended Wednesday, May 25.
DeSantis called the special session amid widespread insurance problems that have included policyholders losing coverage and seeing soaring premiums.
The legislation addresses several issues, such as including $2 billion in tax dollars to provide additional reinsurance to property insurers that otherwise might not be able to buy the crucial backup coverage on the private market.
Also, the legislation will allow insurance policies to include new deductibles for roof damage, impose restrictions on insurers that seek to refuse to write or renew policies based on the ages of roofs, and place additional restrictions on what are known as “bad faith” lawsuits against insurers.
While many Democrats voted for the changes, they argued the legislation won’t do enough to help homeowners and called the reinsurance money a corporate “bailout.”
— News Service of Florida
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— Compiled by Business Editor Joe Crews