TALLAHASSEE – Florida’s government will tackle property insurance in a special session next week.
According to the Herald Tribune, the Florida legislature is looking at roof damage claims, litigation and re-insurance when it tackles Florida’s insurance crisis.
Here’s what some of the proposed legislation would do if passed and signed as they stand now:
They put more restrictions on “contingency fee multipliers” that can substantially increase fees paid to attorneys in insurance disputes. They would authorize 2 billion to expand insurance access to the CAT Fund, which provides relatively cheap reinsurance for insurance companies. And the most controversial aspect is a roofing provision, which its sponsor — Senator Jim Boyd of Bradenton — says will make clear when roof replacement is covered in full.
Florida’s insurance market is in shambles — three insurance companies declared insolvency in the past three months, and several others are canceling more than 68-thousand policies.