Florida lawmakers will consider several major changes to the state's property insurance laws in an effort to stabilize the market.
"The goal we all share is for Florida to have a robust property insurance market that offers homeowners the opportunity to shop for insurance that meets their needs and budget," Senate President Kathleen Passidomo wrote in a memo to lawmakers on Friday after the legislation was filed.
"We also want to make certain that when damage occurs, claims are paid promptly and fairly, so homeowners do not have to contend with time-consuming and expensive litigation."
Lawmakers will meet Dec. 12 -16 in a special legislative session to consider proposals aimed at fixing the state's property insurance market, offering property tax relief to survivors of recent hurricanes and establishing a statewide toll road credit program for frequent commuters.
Two measures on property insurance — HB 1A and SB 2A — were filed on Friday. Both would put an end to one-way attorney's fees, establish an optional reinsurance program and lawmakers are considering putting an end to mandatory attorney's fees whenever an insurance company loses a dispute in court with a residential or commercial property owner.
It would also establish a program aimed at reducing the cost of reinsurance, which insurers purchase to cover their losses. The Florida Optional Reinsurance Assistance program (FORA) would be administered through the State Board of Administration, which would have the authority to adopt rules governing the program.
Lawmakers will also take up proposals that would provide property tax relief to residents recovering from Hurricanes Ian and Nicole. That measure would also allocate $150 million to fund affordable housing and home repairs in communities recovering from the two hurricanes.
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