Property insurance changes going to DeSantis

But with hurricane season starting next week,

House members voted 95-14 to approve the bill, which passed the Senate on Tuesday in a 30-9 vote. The bill is ready to go to Gov. Ron DeSantis, who called a special legislative session this week to deal with the property-insurance troubles.The bill focuses on issues that insurers have repeatedly cited for problems in the industry, including costs of roof-damage claims, inability to find or afford reinsurance and litigation over claims.

Insurers have long been required to purchase certain amounts of coverage through the Florida Hurricane Catastrophe Fund, a state program that provides relatively cheap reinsurance. Under the bill, the state would provide $2 billion in tax dollars to provide another “layer” of reinsurance to insurers that otherwise might not be able to buy it in the private market. Also, the bill calls for savings under that part of the bill to ultimately be passed along to ratepayers.

Meanwhile, the bill would place a restriction on insurers that refuse to write or renew policies because of the ages of roofs. The companies could not refuse to provide coverage to homes with roofs that are less than 15 years old if the decisions are based solely on the ages of the roofs.Insurers also have long complained about large numbers of lawsuits in Florida about claims.

Insurance companies have deep pockets to fill. Looks as if these votes were bought for a bill thats made by and for property insurance companies. What a waste of time. I like the part where everyone rushed out back to vacation. We voted for them?

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