TALLAHASSEE – Three bills designed to limit property insurance costs fail in the Florida legislature.
This comes as Florida homeowners feel much bigger increases in home insurance rates compared to most of the country. According to the Herald Tribune, property insurance premiums have surged nearly 25 percent in the past year in Florida.
The three bills would have offset the growing demand in claims to Citizens insurance and allow insurers to pay roof claims based on actual cash value instead of replacement value for the roof.
An Insurance Information Institute spokesperson says so much attention was given to culture bills, such as the Stop WOKE Act and the Parental Rights in Education bill (dubbed “Don’t Say Gay” by opponents) that much less attention was given to relief for Florida homeowners.
There may be hope if the governor calls a special session this summer to readdress the bills. Property insurance policies are expected to increase up to 40 percent this year.
