Less than 24 hours after the Florida Senate acted, the Florida House of Representatives passed a massive property insurance reform bill that they hope will prevent a collapse of the state’s teetering home insurance market.
The Florida Senate approved the sweeping legislation Tuesday that would overhaul the state's property insurance system, which has struggled due to insolvencies, high costs, and major storms.
The bill will create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also will force insurers to respond more promptly to claims and increase state oversight of insurers’ conduct following hurricanes.
Lawmakers this week are also expected to pass separate bills that would provide property tax relief to people whose homes and businesses were made uninhabitable by Ian and give 50% refunds to commuters who pay more than 35 highway tolls in a month with a transponder.
