Florida Governor Passes Updated Property Insurance Law
While the governor signed one property insurance bill into law, another dealing with public adjusters is waiting in the wings.
Florida Senate Bill (SB) 76, which covers a host of issues regarding property insurance, was signed into law by Gov. Ron DeSantis, while a consumer protection bill that will change public adjuster requirements in the state is expected to be signed soon.
“Florida’s property insurance market has been in crisis for years. Besides weather events, bad actors have been targeting homeowners and insurance companies. Over the past seven years, insurance companies have paid out over $15 billion in claims, out of which over $10 billion went to attorney’s fees,” State Representative Bob Rommel said in a release. “We have over 1,100 people a day moving to Florida, and we need to ensure that consumers have the ability to obtain affordable insurance policies from private companies and not just Citizens, which was originally set up as the insurer of last resort. SB 76 will stabilize the market and should attract new insurance carriers to Florida.”
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