Friday, December 9, 2022

Legislature to return to Tallahassee in December to debate insurance coverage fixes

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Leaders of the Florida Home and Senate have scheduled their promised particular legislative session to handle skyrocketing property insurance coverage prices for the week of Dec. 12, when lawmakers are due in Tallahassee to conduct committee hearings prematurely of the 2023 common session.

Home Speaker Paul Renner and Senate President Kathleen Passidomo made the announcement by way of a memorandum on Tuesday, as they wrapped their organizational session (a routine post-election gathering to swear in members and elect new leaders).

“We anticipate issuing a proper proclamation following the Thanksgiving vacation,” Renner and Passidomo wrote.

Specifics of the laws to be debated are but to come back.

Gov. Ron DeSantis, who has been working with the Legislature on an agenda for the particular session, has known as for fixes to Florida’s insurance coverage system, which has been experiencing wild will increase in charges; rebating property taxes for individuals who suffered hurricane harm this 12 months; and maybe different issues.

A number of insurers have been cancelling insurance policies in Florida or making use of for, and being granted, charge hikes from the Florida Workplace of Insurance coverage Regulation. They’ve cited increased losses as a consequence of worsening climate, widespread litigation, rising prices of building and repairs, and rising property values.

Throughout a separate particular session in Might, the Legislature made an preliminary go at responding to insurance coverage market disruptions which had been additional stoked by hurricanes Ian and Nicole. That laws assaults prices of litigating claims disputes; forbids insurers from refusing to cowl houses solely given that the roofs are greater than 15 years outdated; and boosts condominium security following the lethal collapse of Champlain Towers South in Surfside in June 2021.

Moreover, that particular session produced a $2 billion infusion of taxpayer cash into reinsurance protection to assist corporations that can’t receive it within the personal market.

In the meantime, the auto insurance coverage market has additionally been deteriorating. Because the Phoenix reported on Wednesday, Florida ranks as the most costly state within the nation for auto insurance coverage, with the common premium at $2,560 a 12 months, or $213 a month — a 23% enhance in charges from 2021.

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