Florida Again Acts to Stabilize Property Insurance Market
On Dec. 14, 2022 Governor Ron DeSantis signed property insurance reform bill SB 2-A into law. Widely touted by the legislature as both “groundbreaking” and “sweeping,” the law is designed to bring long-term stabilization to an increasingly chaotic Florida property insurance market.
This isn’t the first time we’ve reported on the tumultuous Florida property insurance market, nor is it the first time Florida has attempted legislation to bring order to the chaos. Just a scant seven months ago the signing of Senate bills 2D and 4D introduced property insurance reforms in the state to:
- Clarify options for roof repair and replacement
- Reduce frivolous litigation
- Fund matching grants for home hardening
- Enhance insurer access to the Florida Hurricane Catastrophe Fund (FHCF)
Bill SB 2-A supports those reforms and adds additional regulations that appear largely designed to incentivize insurance companies to continue doing business in Florida, (a long-term plan that legislators say will ultimately benefit Florida property owners).
To read the full article which outlines the market situation Florida property owners are in, and the pain points the laws are designed to fix, click on the document link below to read the full article provided to W3 by our partners at AMWINS:
