– The 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 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.
The proposals would create the $2 billion Reinsurance to Assist Policyholders program for insurers to purchase insurance to help insulate themselves from risk. In order for an insurer to access the fund, it would have to reduce policyholder’s rates. Another measure would provide grants worth up to $10,000 each to retrofit homes so they are less vulnerable to hurricane damage. To qualify, properties would have to have insured values of $500,000 or less, be homesteaded, constructed before 2008 and located in areas where wind speeds from storms can exceed 140 mph . Homeowners would get $2 from the state for every $1 they invested in mitigation efforts.
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