Florida lawmakers achieved a major victory as Rep. Bob Rommel’s SB 2-A Property Insurance bill passed in the House of Representatives on Wednesday with an impressive 84-33 vote. Governor Ron DeSantis subsequently signed the comprehensive property insurance bill, designed to stabilize the stormy market and provide much needed relief to Floridians who have been struggling with difficult insurance options since 1992.
Victory in the House of Representatives
Florida lawmakers celebrated a major victory in the House of Representatives on Wednesday, Dec. 14, 2022 as Rep. Bob Rommel’s SB 2-A Property Insurance bill co-sponsored by Rep. Josie Tomkow passed with an impressive 84-33 vote. Onlookers included Rep. Bobby Payne and House Speaker Paul Renner, both members of the Republican party, who had convened to consider ways to support the state’s home insurance market during the year’s second special session. This achievement is a testament to their hard work and dedication to the people of Florida.
Governor DeSantis Signs Comprehensive Property Insurance Bill
Governor Ron DeSantis signed a comprehensive property insurance bill on Friday in Fort Myers, an area that was severely impacted by Hurricane Ian. The bill is intended to stabilize the stormy market and reduce legal costs for insurers by curbing incentives to litigate claims. Governor DeSantis expressed confidence that the legislation will make a significant difference, saying “This bill reins in the incentive to litigate. This is going to make a huge, huge difference.”
Florida has faced a challenging insurance market since Hurricane Andrew in 1992, but Governor DeSantis is proud to finally address the issue after decades of struggle. With this bill, he believes that Floridians will soon benefit from a healthier, more reliable property insurance market.
This new law creates a $1 billion reinsurance fund to protect Floridians from natural disasters, puts disincentives in place to prevent frivolous lawsuits, and sets more stringent deadlines throughout the claims process. All of these measures will provide relief for policyholders and create a better environment for them.
Bright is proud to be part of a system that has taken such strides in protecting homeowners and providing them with the best possible coverage. She is confident that her premiums of nearly $8,000 per year are worth it for the level of security she can now enjoy.
This year, the insurance industry in Florida has taken a big step forward with legislation that will remove “one-way” attorney fees for property insurance and eliminate the state’s assignment of benefits laws. This new law will help to ensure that homeowners receive fair and equitable treatment when filing claims, and will provide them with peace of mind in knowing that their investments are secure.
Moreover, the bill will help to create greater transparency in insurance policies by requiring that Citizens policyholders be given the option to purchase a more expensive private insurer’s policy if available. This is particularly notable as Citizens recently hit one million policyholders for the first time in a decade. Finally, the new law also includes provisions that expedite the claims process by allowing insurers to begin the process through video, photos, and teleconferences.
As a result, Floridians will be better protected and receive the resources they need to recover.
The passage of Rep. Bob Rommel’s SB 2-A Property Insurance bill marks a victory for Florida lawmakers and a major step forward for the state’s property insurance market. With Governor DeSantis’ signature on the comprehensive bill, Floridians can have greater confidence that their homes are going to be better protected during times of natural disaster, and in turn benefit from incentives such as lower lawsuit costs. After decades of struggling with providing a stable insurance market, results rewarding hard work can hopefully begin to be seen as soon as possible, creating numerous positive impacts throughout the entire state.
