DeSantis signs bill seeking to stabilize insurance market
Associated PressTALLAHASSEE, Fla. — Republican Gov. “This is going to make a huge, huge difference.” Florida has struggled to keep the insurance market healthy since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies in Florida. The bill new law will create a $1 billion reinsurance fund, put disincentives in place to prevent frivolous lawsuits and force some customers to leave a state-created insurer of last resort, Citizens Property insurance, for a private insurer, even if the policy costs more. About 12% of homeowners in the state don’t have property insurance, compared to the national average of 5%, according to the Insurance Information Institute, a research organization funded by the insurance industry. The legislation will remove “one-way” attorney fees for property insurance, which require property insurers to pay the attorney fees of policyholders who successfully sue over claims, while shielding policyholders from paying insurers’ attorney fees when they lose.
History of this topic
Why Republicans are coughing up billions of dollars to save Florida’s insurance market
Salon
DeSantis signs bill seeking to stabilize insurance market
The Independent
Ron DeSantis ignored a real crisis in Florida because he is obsessed with owning the libs: columnist
Raw StoryDiscover Related
