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Florida lawmakers will take into account a number of main adjustments to the state’s property insurance legal guidelines in an effort to stabilize the market.
“The goal we all share is for Florida to have a robust property insurance market that offers homeowners the opportunity to shop for insurance that meets their needs and budget,” Senate President Kathleen Passidomo wrote in a memo to lawmakers on Friday after the laws was filed.
“We also want to make certain that when damage occurs, claims are paid promptly and fairly, so homeowners do not have to contend with time-consuming and expensive litigation.”
Lawmakers will meet Dec. 12 -16 in a special legislative session to contemplate proposals geared toward fixing the state’s property insurance market, providing property tax reduction to survivors of current hurricanes and establishing a statewide toll street credit score program for frequent commuters.
Two measures on property insurance — HB 1A and SB 2A — have been filed on Friday. Both would put an finish to one-way legal professional’s charges, set up an non-compulsory reinsurance program and
lawmakers are contemplating placing an finish to obligatory legal professional’s charges each time an insurance firm loses a dispute in courtroom with a residential or industrial property proprietor.
It would additionally set up a program geared toward lowering the associated fee of reinsurance, which insurers buy to cowl their losses. The Florida Optional Reinsurance Assistance program (FORA) can be administered via the State Board of Administration, which might have the authority to undertake guidelines governing this system.
Lawmakers may even take up proposals that would offer property tax reduction to residents recovering from Hurricanes Ian and Nicole. That measure would additionally allocate $150 million to fund reasonably priced housing and residential repairs in communities recovering from the 2 hurricanes.
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