MIAMI (CBSMiami/AP) – Legislation proposed by Florida lawmakers for a particular session within the upcoming week to reform the state’s property insurance coverage market would create a $2 billion reinsurance fund and prohibit insurers from robotically denying protection to owners with older roofs.
Four payments filed late Friday within the state House and Senate would create a brand new fund wherein insurers should buy insurance coverage to assist insulate them from threat. The payments additionally would permit owners with roofs 15 years or older to get an inspection of their situation earlier than insurers deny them protection. If an inspection reveals {that a} roof has not less than 5 years of life remaining, insurers can’t refuse to challenge a coverage solely based mostly on the roof’s age below the proposed laws.
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Under the proposals, some insurers can be required to get protection from the Reinsurance to Assist Policyholder’s program operated by the State Board of Administration.
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In a proclamation calling lawmakers again to Tallahassee within the upcoming week, Republican Gov. Ron DeSantis highlighted a number of points which have contributed to rising insurance coverage charges within the state, together with excessive charges of insurance coverage litigation that drive up premiums and big underwriting losses for insurance coverage corporations which have resulted in insolvency or canceled insurance policies, amongst different issues.
Florida Chief Financial Officer Jimmy Patronis, stated in an interview that the state final yr accounted for 9% of all claims filed nationally however practically 80% of all of the property insurance coverage lawsuits.
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