Over the past year, state lawmakers have made changes on paper through several attempts to cure Florida’s property insurance crisis. But a homeowner in Florida who opens their annual renewal and sees their premium has increased, or finds out their carrier has suddenly dropped them, may not have noticed anything different.
That was the expectation, after all.
State Sen. Jim Boyd, R-Bradenton, noted during the first of last year’s special sessions to address insurance that relief from any measures taken by lawmakers wouldn’t be realized for at least another 18 months. That session took place in May 2022.
Since then, two hurricanes hit the state. Lawmakers then held a second special session on insurance in December. Six property insurance companies were declared insolvent last year. Citizens Property Insurance Corp., the state-run “insurer of last resort,” continues to grow with more than 1 million policies.
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And now the annual, 60-day regular legislative session is underway. The session is largely where party-line battles are taking center stage, but not insurance. And those homeowners with delayed or unfulfilled property damage claims may find their legal recourses slashed, owing to legislation approved in the special sessions to limit what the insurance industry and lawmakers said was too much litigation over property insurance claims and disputes between homeowners and their insurers.
The story remains the same as it was a year ago: it’s lawyers, contractors and public adjusters versus lawmakers and insurance companies.
Some have lauded the measures passed in Tallahassee as necessary to lure insurance carriers back to the state and target the cause of the crisis, so-called “frivolous lawsuits.” But