Florida Property Insurance Bill Heads To House

Florida’s property insurance reform bill has now been passed by the state Senate in a 27 to 13 vote that was along mostly party lines.

Just one Democrat approved the Republican-brought bill, though two Republican senators voted against it.

The proposed bill would create a $1 billion reinsurance fund, reduce litigation costs and may compel some customers to leave state-created insurer Citizens.

Additionally, it aims to eliminate one-way attorney fees for property insurance lawsuits, removing the ability of a homeowner to sign over benefits to a contractor to pursue the claim on their behalf to kick-start repairs.

The bill was passed by the Senate Banking and Insurance Committee unchanged yesterday and is expected to be taken up on the House floor today.