TALLAHASSEE, Fla. — The special legislative session called to address growing problems with property insurance in the state ended two days earlier than scheduled as the House approved a package of reform bills Wednesday that are now headed to the governor’s desk.
The House overwhelmingly passed SB-2D and SB-4D, crafted by GOP Sen. Jim Boyd, R-Bradenton, which aims to limit frivolous lawsuits and discourage bad actors in the roofing industry, two factors he believes are driving up premium costs and causing insurers to go under.
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.
Lawmakers on both sides are clear: The legislation will not be a quick fix to the state’s property insurance industry. It could be months before people actually see their premiums go down, but despite that, lawmakers agreed it’s a step in the right direction.
“Well, this is a comprehensive bill that it's going to take some time to see the results of it in your property insurance premiums,” said State Rep. Jackie Toledo.
“But we hope to reduce those premiums, we hope to increase the number of insurance companies in Florida and keep the ones that we have," Toledo added. "So that's something that we have to address, I got a letter the other day that I was being canceled because my insurance company didn't have the reserves that are required. So this is definitely going to assist them in getting those reserves."
A fruitful special session coming to a close, but lawmakers agree it will take more work in the future.