Homeowners’ insurers in Florida are breathing a sigh of relief after succeeding in a months-long battle to obtain property insurance reforms designed to reduce costs and stabilize the market.
After watching state lawmakers refuse to rewrite the state’s no-fault automobile injury law and leave by the wayside a plan to revamp the state-run property insurer Citizens Property Insurance Corp., the industry found itself in the last week of the session betting all of its chips on the property bill, hoping that the “most business friendly” legislature in decades would finally deliver.
In the closing days of Florida’s legislative session, lawmakers approved CS/SB 408, which includes provisions limiting sinkhole losses along with provisions changing the holdback provisions on dwelling and contents coverage, placing a statute-of-limitations on sinkhole and hurricane claims, capping public adjusters’ compensation, and repealing a provision that would have reduced the boundaries of Citizens’ high-risk zones.
While the memory of former Governor Charles Crist’s veto of a similar albeit smaller bill last year still hangs in the hair, insurers are nonetheless banking on current Governor Rick Scott signing the bill into law. So far Scott has remained mum on the issue, but Insurance Commissioner Kevin McCarty has publicly made it clear that he expects the bill will become law.
Iy you want more details on this.
Please contact me
www.es-insurance.com
