TAMPA, Fla. — On Monday, state lawmakers are back in Tallahassee for a special session on property insurance. It’s a problem many Floridians are dealing with, and state leaders have vowed to make systemic reform.
“We've got policyholders in the state of Florida that are hurting, and we've got carriers that are leaving the market,” said Jimmy Patronis, Florida’s Chief Financial Officer.
A formal proclamation laid out broad goals, and on Friday, those goals came into focus for this week’s special session.
A state senate memo said the legislation, which aims at improving the property insurance marketplace for homeowners, will continue efforts to focus on fair costs and strong protections for consumers, while adding reasonable guardrails for insurance companies against the “frivolous litigation and fraudulent claims that drive up rates for everyone.”
Patronis thinks tort reform will stabilize things, bring in more private competition, and eventually ease prices with trickledown effects.
“I think one of the best forces for good is home ownership,” said Patronis. “With this pending special session and the legislation they will pass, it will make the ability to have home ownership that much more affordable.”
The memo also stated legislation will shore up the state-run Citizens Property Insurance to reduce taxpayer liability and further increase access to reinsurance to stabilize the insurance marketplace.
ABC Action News political analyst Susan MacManus weighed in on the special session during Sunday’s Full Circle Florida.
“People will tell you this is not an easy fix, no matter what,” said MacManus. “It’s a very, very complex issue. And it’s not just the lawyers and the insurance companies. It involves contractors. It involves the taxpayers of Florida.”
While property insurance reform remains a top focus, lawmakers will also look at toll relief, as well as legislation to provide relief for those recovering and rebuilding from Hurricane Ian and Hurricane Nicole.
