Bill aimed at improving Florida’s troubled insurance market

State lawmakers are back in Tallahassee for another special session to tackle the issue of Florida home insurance. The full Senate adjourned for the day, but the appropriations committee is meeting to discuss a bill that supporters hope will provide some relief for Florida’s troubled insurance market. Critics worry it’s not doing enough.For more than a year now, WESH 2 has been talking with central Florida homeowners who are fed up that they’ve had to come out of pocket for a new roof in order to keep their insurance.Or their premiums have doubled, sometimes tripled, because of Florida’s complicated insurance market.Right now, state senators are considering a bill that could change how much attorneys get paid when claims get litigated.There’s also an option for homeowners to have a roof deductible on their policies .Another big takeaway from this bill is that insurance companies cannot deny someone coverage if a roof is less than 15 years old.If it’s older than that, insurers can’t deny c overage if an inspector determines the roof has “five good years.”Regardless of what lawmakers decide this week, homeowners will still be in a tough spot long after this special session. “We’re not going to see things turn around automatically. We’ll still see very high rate increases across the state for the near term. We’re still going to see struggling insurers and many of these insurers that might be on the brink of financial distress right now or they’re being watched carefully. We don’t know how many of those are going to survive,” said Mark Friedlander, director of the Insurance Information Institute. The full Senate adjourned after less than an hour Monday morning. Members of the appropriations committee just passed two bills within the hour that supporters hope will help Florida homeowners.State lawmakers are back in Tallahassee to work out a special session deal that Republican Senator Jim Boyd hopes will provide some relief.”I believe it does balance fair cost and protections for consumers while adding reasonable guardrails for insurance companies to address frivolous litigation and fraudulent claims,” Boyd said.Boyd is the Bradenton-area sponsor of two property insurance bills that lawmakers are considering.He answered questions from his colleagues during an appropriations committee meeting that lasted most of the first day. Orange County Democrat Linda Stewart is hopeful they’ll reach a deal, but also talked about what homeowners won’t get. “Don’t expect to see a rebate. That is not going to happen. Do not expect to see your rates go down yet. Those types of situations we’re going to have to deal with in a regular session,” Stewart said. That’s one of the big takeaways of this week. A special session won’t be a quick fix. The house will meet Tuesday.Lawmakers from both chambers have until the end of the week to come up with a plan to send to the governor’s desk.

State lawmakers are back in Tallahassee for another special session to tackle the issue of Florida home insurance.

The full Senate adjourned for the day, but the appropriations committee is meeting to discuss a bill that supporters hope will provide some relief for Florida’s troubled insurance market.

Critics worry it’s not doing enough.

For more than a year now, WESH 2 has been talking with central Florida homeowners who are fed up that they’ve had to come out of pocket for a new roof in order to keep their insurance.

Or their premiums have doubled, sometimes tripled, because of Florida’s complicated insurance market.

Right now, state senators are considering a bill that could change how much attorneys get paid when claims get litigated.

There’s also an option for homeowners to have a roof deductible on their policies.

Another big takeaway from this bill is that insurance companies cannot deny someone coverage if a roof is less than 15 years old.

If it’s older than that, insurers can’t deny coverage if an inspector determines the roof has “five good years.”

Regardless of what lawmakers decide this week, homeowners will still be in a tough spot long after this special session.

“We’re not going to see things turn around automatically. We’ll still see very high rate increases across the state for the near term. We’re still going to see struggling insurers and many of these insurers that might be on the brink of financial distress right now or they’re being watched carefully. We don’t know how many of those are going to survive,” said Mark Friedlander, director of the Insurance Information Institute.

The full Senate adjourned after less than an hour Monday morning. Members of the appropriations committee just passed two bills within the hour that supporters hope will help Florida homeowners.

State lawmakers are back in Tallahassee to work out a special session deal that Republican Senator Jim Boyd hopes will provide some relief.

“I believe it does balance fair cost and protections for consumers while adding reasonable guardrails for insurance companies to address frivolous litigation and fraudulent claims,” ​​Boyd said.

Boyd is the Bradenton-area sponsor of two property insurance bills that lawmakers are considering.

He answered questions from his colleagues during an appropriations committee meeting that lasted most of the first day.

Orange County Democrat Linda Stewart is hopeful they’ll reach a deal, but also talked about what homeowners won’t get.

“Don’t expect to see a rebate. That is not going to happen. Do not expect to see your rates go down yet. Those types of situations we’re going to have to deal with in a regular session,” Stewart said.

That’s one of the big takeaways of this week. A special session won’t be a quick fix.

The house will meet Tuesday.

Lawmakers from both chambers have until the end of the week to come up with a plan to send to the governor’s desk.

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