Search
 
News

Florida legislature passes bill to tame rising property insurance costs

The bill represents the ‘most extreme measures’ ever taken by the state to tackle the property insurance crisis, a former state senator said.

By Max Reyes | December 15, 2022 at 12:04 AM
The bill passed in the Florida House of Representatives by a vote of 84 to 33 on Dec. 14, 2022 after the Senate approved the legislation the day prior, according to the Florida Senate’s website. The votes took place during a special session called by Governor Ron DeSantis in part to address the impact of Hurricane Ian on an insurance market that was already stumbling. (Credit: SeanPavonePhoto/Adobe Stock) The bill passed in the Florida House of Representatives by a vote of 84 to 33 on Dec. 14, 2022, after the Senate approved the legislation the day prior, according to the Florida Senate’s website. The votes took place during a special session called by Governor Ron DeSantis in part to address the impact of Hurricane Ian on an insurance market that was already stumbling. (Credit: SeanPavonePhoto/Adobe Stock)

(Bloomberg) — Florida’s legislature passed a bill that would create a state-backed reinsurance fund and attempt to ease litigation costs that have pushed a homeowners insurance market already contending with monstrous storms toward the brink.

The bill passed in the Florida House of Representatives by a vote of 84 to 33 on Dec. 14, 2022, after the Senate approved the legislation the day prior, according to the Florida Senate’s website. The votes took place during a special session called by Governor Ron DeSantis in part to address the impact of Hurricane Ian on an insurance market that was already stumbling.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

Recommended Stories

Defining an occurrence in insurance

Defining an occurrence in insurance

Christine Barlow, CPCU |

Even though the term "occurrence" is defined, disagreement over its meaning has led to conflicts between insurers and insureds; often resulting in litigation.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.