Florida lawmakers set to begin special session on insurance

TALLAHASSEE, Fla. – Florida lawmakers launched a large property insurance coverage invoice that may create a $1 billion reinsurance fund, search to scale back insurance coverage lawsuits and power extra folks out of the state-created insurer of final resort even when it means property house owners find yourself paying extra.

The 123-page invoice was filed Friday evening, lower than three days earlier than lawmakers start a particular session on insurance coverage, property tax aid for Hurricane Ian victims and decreasing tolls for frequent commuters.

“The objective all of us share is for Florida to have a strong property insurance coverage market that provides owners the chance to buy insurance coverage that meets their wants and finances. We additionally wish to make sure that when harm happens, claims are paid promptly and pretty,” Republican Senate President Kathleen Passidomo mentioned in a information launch.

Florida’s insurance coverage woes have been ongoing for years. The legislature held a particular session in Could to attempt to stabilize the market.

Then got here Hurricane Ian, which made landfall on the southwest coast and crossed over the peninsula, inflicting widespread flooding and damaging and destroying houses and enterprise.

Lots of the points lawmakers will take up this week construct on the Could particular session. A state reinsurance fund goals to insurance coverage firms from changing into bancrupt or leaving Florida and makes an attempt to scale back lawsuits associated to claims.

Lawmakers will vote on dashing up the claims course of and make adjustments to discourage what they name frivolous lawsuits. If handed, the invoice would eliminate the state’s project of advantages legal guidelines, wherein property house owners signal over their claims to contractors who then deal with proceedings with insurance coverage firms.

It will additionally power folks with the state-created Residents Property Insurance coverage insurance policies to pay for flood insurance coverage and require they transfer to personal insurers if they provide a coverage as much as 20% costlier than Residents.

The Senate and Home payments are similar, which suggests the measure ought to sail by the Republican-dominated Legislature.

One other invoice being taken up through the particular session would offer property tax aid for folks whose houses and enterprise had been made uninhabitable by the storm. Once more, the Home and Senate have similar laws.

Lawmakers are additionally trying to present 50% refunds for commuters who pay greater than 35 tolls in a month and use a transponder to pay.