Wednesday, December 7th, 2022

Florida governor requires second particular session to repair state’s troubled insurance coverage market

Florida governor calls for second special session to fix state’s troubled insurance market

Florida Governor Ron DeSantis introduced that state legislators have agreed to carry a particular session after the November 8 election and earlier than the 12 months ends, to handle Florida’s deteriorating insurance coverage market.

The governor revealed in a current occasion in Fort Myers that the incoming Home Speaker Paul Renner and Senate President Kathleen Passidomo have been “prepared, keen and ready” to assist the property insurance coverage market get “on a secure footing.” DeSantis additionally mentioned that the Legislature would additionally present property tax rebates to these affected by Hurricane Ian within the type of an government order delaying tax fee deadlines for the impacted.

“It prices far more to exchange a roof at this time than it did simply three years in the past,” the governor mentioned. “So we have to do every little thing we are able to to push again on that and combat for a extra aggressive market the place charges are incentivized to go down.”

Politico reported that that is the second time this 12 months that Florida legislators are being requested to deal with the state’s troubled property insurance coverage market. The final particular session was held in Could, whereby the state agreed to create a $2 billion reinsurance fund for personal insurers working within the state. Lawmakers additionally agreed then to speculate $150 million right into a hurricane mitigation program which might enhance the resilience of houses, whereas revising guidelines round insurance coverage litigation – a measure meant to regulate the rampant insurance coverage litigation in Florida.

Learn extra: Florida insurance coverage commissioner named in lawsuit

“There have been some very constructive reforms that have been completed,” DeSantis mentioned of the earlier particular session. “However there additionally have been issues we wished to try this the Legislature at the moment was not keen to do. I feel we can do this on this particular session.”

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