Skip to Content
AP National Business

Florida lawmakers seeking to calm property insurance storm

KION
By
Published 10:24 AM

By BRENDAN FARRINGTON and CURT ANDERSON
Associated Press

TALLAHASSEE, Fla. (AP) — The Florida House has passed sweeping legislation that would overhaul the state’s property insurance system, which has struggled due to insolvencies, high costs and major storms. The Republican proposal previously approved by the Senate Tuesday comes during the GOP-led Legislature’s second special session this year aimed at stabilizing the property insurance market. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also would force insurers to respond to claims more promptly and increase state oversight of insurers’ conduct following hurricanes. But critics say the current proposal does virtually nothing to provide immediate help for people facing huge rate increases.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KION 46 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content