Florida Senate Passes Property Insurance Package
Wednesday, May 25th, 2022 Legislation & Regulation PropertyThe Florida Senate on Tuesday approved a sweeping legislative package meant to combat rising property insurance rates and other problems in the state’s turbulent insurance market, creating a $2 billion reinsurance fund and writing new rules around coverage denials and attorney fees.
The Republican-controlled Senate approved the legislation after hours of debate. The proposals now await passage in the House, which is expected Wednesday.
The bills come as part of a special legislative session focused solely on property insurance. Lawmakers failed to pass insurance reforms earlier this year during their regular session, which was dominated by contentious partisan fights on bills involving race, gender identity, sexual orientation and abortion.
In debate Tuesday, Senate Democrats pushed to grant immediate rate reductions or freezes for property owners but their amendments were rejected by Republicans who argued the legislation was the best path to stabilize the market in the long term.
