Homeowners Insurance

Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised to look for an alternative.

It would lift a $700,000 cap on policies as homeowners struggle to find coverage.

United Property & Casualty Insurance Co. will force customers to find new coverage as their policies come up for renewal.

The state-backed Citizens Property Insurance Corp. has surpassed 1 million policies for the first time since 2014. Citizens has been absorbing an influx of policies as private insurers drop customers and push for large rate increases.

Citizens Property Insurance Corp. would take on a reinsurance role to help make sure claims get paid if private insurers go insolvent.

It comes as private insurers have shed customers and sought rate increase due to financial troubles.

Gov. Ron DeSantis called the special session after widespread problems that have included homeowners losing coverage and seeing skyrocketing rates.

Some lawmakers and industry analysts worry the new laws don’t deliver relief fast enough and don’t go far enough for property owners to see a difference.

Many Democrats say the bill wouldn’t provide immediate rate relief to homeowners.

Sen. Jeff Brandes, R-St. Petersburg, compared conditions in the industry to having “Stage 4 cancer and failing” but that the proposals were like treating “Stage 1 cancer.”

Insurers blame questionable, if not fraudulent, roof-damage claims for driving up costs.

They include creating three additional Anti-fraud Homeowner Squads to work and prosecute cases, and a $3 million anti-fraud and public education campaign.