TALLAHASSEE, Fla. — The Capitol chambers are empty, the special session is over and relief for homeowners is coming soon. Or is it?
Despite legislation passed this week, lawmakers caution it could be 18 months before Florida homeowners actually see their property insurance costs go down.
On Wednesday night, the House overwhelmingly passed SB-2D and SB-4D, crafted by GOP Sen. Jim Boyd, R-Bradenton, which aims to limit frivolous lawsuits facing insurance companies and discourage bad actors in the roofing industry, two factors he believes are driving up premium costs and causing insurers to go under.
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The package of bills would create a $2 billion reinsurance fund, give grant money for home hardening, cap fees attorneys can get in lawsuits against insurance companies and prevent companies from outright denying coverage based on a roof’s age.
The bills also include a late-added amendment to address condo safety regulations in the wake of the 2021 Surfside condominium collapse that killed 98 people. That provision passed the House unanimously Wednesday.
Though when it comes to property insurance, much of the same was said by lawmakers on both sides.
“It’s probably not immediately going to have a rate impact,” said Sen. Jeff Brandes, R-Pinellas County, on Monday.
The legislation does not include lowered rates or a rate freeze, the bill mainly aims to stabilize the market and keep insurers from going under.
“This is a comprehensive bill, it's going to take some time to see the results of it in your property insurance premiums,” said Rep. Jackie Toledo, R-Tampa, on Wednesday.
"We hope to reduce those premiums, we hope to increase the number of insurance companies in Florida and keep the ones that we have,” she added.
Others were less optimistic, from a consumer standpoint. State Rep. Michael Grieco, D-Miami Beach, said, “this bill was a big nothing burger, they’re not going to see their rates go down.”
Right now, Floridians pay the third most for homeowners insurance in the country, much more than neighboring states Alabama and Georgia. This bipartisan-passed legislation won’t change that soon, but lawmakers say it’s still a step in the right direction.
“Perfect cannot be the enemy of the good, if we did not do something, if we didn’t move the needle forward, we would be in a really cataclysmic place,” said Sen. Minority Leader Lauren Book, D-Broward County.
"The things we are doing are certainly not short-term,” said Sen. Keith Perry, R-Gainesville.
Leaders who drafted the bill say a rate-lowering is not possible right now because it could cause more insurers to go broke at a time when thousands of Floridians have already lost coverage ahead of hurricane season.
They believe the bills will help to begin correcting the messed-up property insurance market.
“We got to get at the drivers of cost and I said, we said all along, the solicitation, the bad actors in the solicitation piece, the legal fee issue and the roof component are the cost drivers of the problem we’re in and I think this gets at all of those,” Boyd said.
Lawmakers on both sides say property insurance will likely be an area they will continue to focus on when the regular session rolls around next March.