Sunday, February 5th, 2023

DeSantis indicators two payments to handle state’s insurance coverage points

Of the $750 million being offered below the invoice, $350 million will go to assist native governments for FEMA Public Help, which allows them to unlock extra native funds for added hurricane restoration and mitigation tasks.

One other $150 million will go to the Florida Division of Environmental Safety (DEP) to assist native seashore renourishment tasks and a brand new Hurricane Restoration Reimbursement Grant Program, whereas $100 million will go to the DEP to restore and reconstruct group stormwater and wastewater infrastructure. Lastly, the remaining $150 million will probably be used to assist the Hurricane Housing Program and Rental Restoration Mortgage Program.

Following the particular session final week, the governor additionally signed Senate Invoice 2-A, the Property Insurance coverage invoice. The invoice eliminates one-way lawyer charges for property insurance coverage claims, to disincentivize frivolous lawsuits and in the end assist drive down residence insurance coverage prices. It additionally enhances the Workplace of Insurance coverage Rules’ potential to conduct examinations of property insurers following a hurricane to forestall any abuse of the appraisal course of, reduces timelines for insurers handy out payouts, and commits further funding for non permanent reinsurance assist.

SB 2-A has been met with some reward from the insurance coverage trade.

“Insurance coverage fraud and abuse is rampant within the state of Florida, costing owners and insurance coverage carriers billions of {dollars} every year,” stated NICB president and CEO David Glawe in an announcement. “We thank the Florida legislature, Florida Chief Monetary Officer Jimmy Patronis and his workplace, in addition to Governor DeSantis for working collectively to stabilize the Florida property insurance coverage market and deal with the decades-long fraud and abuse that has plagued the state.”

Nonetheless, some have expressed issues that SB 2-A may do extra hurt than assist.

“Floridians are shedding but once more,” stated Florida Home Democratic Chief Fentrice Driskell of Tampa, as reported by Florida Politics. “I fear for our neighbors on mounted incomes. How many individuals are going to lose their properties earlier than this ‘trickle down’ plan presents any reduction? I’m fearful about Florida’s retirees. This invoice undoubtedly wasn’t written to assist them.”

Supply hyperlink

Leave a Reply

Your email address will not be published. Required fields are marked *