DeSantis Signs Bill Seeking To Stabilize Property Insurance Market

December 17, 2022

Gov. Ron DeSantis signed a bill Friday seeking to stabilize Florida’s property insurance market, increase competition, and strengthen consumer protections.

“The issues in Florida’s property insurance market did not occur overnight, and they will not be solved overnight,” the governor said. “The historic reforms signed today create an environment which realigns Florida to best practices across the nation, adding much-needed stability to Florida’s market, promoting competition, and increasing consumer choice. I am thankful the Legislature answered the call for meaningful reform.”

The insurance bill seeks to , strengthen Florida’s property insurance market by:

  • Eliminating one-way attorney fees for property insurance claims, which will disincentivize frivolous lawsuits, and realigning Florida’s market to best practices that will promote more market competition in the private insurance industry.
  • Reducing the burden of excessive and predatory litigation will help bring down costs for homeowners.
  • Enhancing the Office of Insurance Regulation’s ability to complete market conduct examinations of property insurers following a hurricane to hold insurance companies accountable and prevent abuse of the property appraisal process.
  • Reducing timelines for insurers to get payments out the door and back into the hands of policyholders as they rebuild their lives.
  • Building on reforms passed earlier this year by committing additional funding to provide temporary reinsurance support to help stabilize the market.

Comments

12 Responses to “DeSantis Signs Bill Seeking To Stabilize Property Insurance Market”

  1. Francois P. on December 18th, 2022 5:17 pm

    So to stabilize the housing insurance market DeSantis forces everyone to get housing insurance but won’t force people to get health insurance. Great values. Floridians will be sick but at least their houses will be covered.

  2. Bob from Baker on December 18th, 2022 6:50 am

    You get what you vote for! Increase in your property insurance, banned books, interfering in personal health care. I could go on and on, but you should get the picture.

  3. Robert Bruner on December 18th, 2022 4:47 am

    Insurance is out of control because the head of the Fl House Insurance Comm is an insurance executive. Thats how it’s always been. Vote republican and watch them screw you over and then vote for them again and wonder why your insurance is so high. Pay attention to the “why” and then get the people who really have your interest at heart to have your back,, not someone looking to make a buck off of your hard earned money.

  4. NPC on December 17th, 2022 9:18 pm

    I recently contacted GEICO concerning my rate increase. I was told COVID was the reason. After asking for a reason ahy I chose to cancel my policy I replied due to thr sky being blue. A chuckle on their end made me reply that I thought their reason for a rate increase was as humorous.

  5. Sherrie on December 17th, 2022 2:47 pm

    DeSantis did the same thing he did with FPL.
    He will protect the Insurers and leave the policy holders twisting in the wind.

  6. Bonnie Exner on December 17th, 2022 12:36 pm

    We also were told to replace our 21 year old roof or have our insurance drop..we also paid extra for architectural 30 year shingles when building in 2000 and gave not lost a single shingle..in July of this year Florida passed a law that said a home owner can have a licensed examiner come out and evaluate it..we went with our insurance company’s recommendation and a man came out and not only examined our roof but also the interior of our home and gave us a 4 page report and sent a copy to our insurance company…results..our 30 architectural shingles have 10 more years of life and we don’t have to replace or repair a thing…my main point here is that insurance companies have too much power and our state legislators bowed down under lobbists’ pressure.

  7. Mr Bear on December 17th, 2022 11:28 am

    This was nothing but a big Christmas Gift to the insurance industry.

    It does nothing for us.

  8. Beach Boy on December 17th, 2022 11:14 am

    ALL insurance companies have raised their rates across the board. Property, Automobile and Health. I ask: “How do they expect senior citizens to live and survive if we have to pay these high rates?!?!? We have worked hard all our lives so we can enjoy our last years. If we worked for a living, we would receive raises and bonuses like everyone else and could afford to pay these rates. BUT…being on fixed incomes, how do they expect us to survive? Here is the article from a few months ago concerning Escambia County School Board property tax increase: http://www.northescambia.com/2022/07/school-board-votes-3-2-to-increase-property-tax How do you overspend a budget? Here is the article for County Commissioners property tax increase: http://www.northescambia.com/2022/09/escambia-approves-static-millage-rate-defined-as-a-tax-increase-and-654-5-million-budget Again….how do they expect senior citizens to survive?!?!?

  9. nana on December 17th, 2022 10:41 am

    This is my story. My insurance for this year is $7000.00. Not joking. It went from nearly $3000 to 7000 in a years time. I have contacted insurance agent and as of yet have not received an explanation for the reason. I have friends and family who had to cancel theirs, because of premiums hikes. They can’t afford it and buy necessities of life, like food, gas, etc. I did write the Governor. I don’t understand why the insurance companies excepts people to pay for others who want to build on the beach , know that a hurricane will come their way and wipe out their homes. Let them pay and not us.

  10. Tim G on December 17th, 2022 9:53 am

    So…my roof was 14 years old. When I built the house I paid extra for 45 year shingles and warranty. Insurance canceled because age of roof even though I never filed a claim and 2 home/roof inspection said my roof was in excellent condition and good for another 15 years. Forced to spend $20,000 replacing a perfectly fine roof to get insurance. What a waste of money I did not have!! Why is this allowed?? Contacted my state rep and senate by email and phone….no response. Government is for the money, not the people.

  11. CLM on December 17th, 2022 8:34 am

    I don’t have a mortgage anymore, so I saved all year to be able to pay my homeowners premium when it became due in October. However, when the bill came in, it was almost double what I paid last year. No claims were ever filed. So now, I have to save even more each month and I’m afraid it won’t be enough when the bill comes due next year.

  12. Charlotte R Bates on December 17th, 2022 2:47 am

    I live about an hour, depending on traffic, from the beach. I used to have a house, but it burned down in 2021, due to aluminum wiring. I couldn’t afford to rebuild, so I put a double wide out here. When I finally paid off the double wide, I dropped the insurance, because…….since the house fire, I never made another claim, but my insurance was $2600.00 a year. And it kept going up every year. I finally said, the hell with insurance, if my double wide gets destroyed, I’ll live in my 12X20 shed.

Written by William Reynolds · Filed Under News