WHAT THEY ARE SAYING: Florida Property Insurance Reforms
May 24, 2022
Tallahassee, Fla. - Monday, Florida legislators convened to review some of the most robust and significant property insurance reforms in decades to combat rising insurance costs. Senator Jim Boyd presented proposed legislation which balance pro-consumer measures, increase the transparency in insurance claims, and provide anti-fraud and legal reforms to stabilize the market. Read more on what they are saying below.
"All of us want a competitive and vibrant insurance market in our state. The reforms that passed in committee today help bring more stability to the market, more rate certainty to consumers, and address the underlying causes of the cost drivers in the market," said Senator Jim Boyd.
"I applaud the Legislature for proposing to expand and bolster the Home Hardening priority through the $150 million My Safe Florida Home proposal," said CFO Jimmy Patronis. "While Florida’s hardening insurance market faces challenges from a number of issues like inflation, fraud, and Mother Nature, the most important thing members can do this session is put policyholders first. I am especially hopeful that one of the reforms being considered, which effectively supercharges our $462 million Home Hardening priority that the Governor recently signed into law, will make it over the finish line."
"I thank Governor DeSantis for leading the charge on this effort and congratulate Legislature for putting together a legislative package that delivers important consumer protections, hold insurance companies accountable, and promotes the long-term stability of our market," said Commissioner David Altmaier. "OIR remains committed to working closely with the Governor, Cabinet, and Legislature on enacting these reforms."
"We know firsthand how Florida's property insurance challenges impact consumers and I applaud Governor DeSantis and the Florida Legislature for taking on these complex issues. The pro-consumer measures in this bill dedicate $150 million to help make Florida homes safer and increase the insurer transparency for claims which provide consumers greater access to information during the claims process," said Kyle Ulrich, President of the Florida Association of Insurance Agents.
"Litigation drives losses and losses drive rate increases. With Florida accounting for 79% of the nation’s homeowners' insurance lawsuits over claims filed, while making up only 9% of the nation’s homeowners insurance claims, it is clear Florida has a litigation problem that is costing Florida ratepayers when they can least afford it," said Mark Wilson, President & CEO, Florida Chamber of Commerce. "The necessary lawsuit abuse reforms outlined in SB 2D will help build the infrastructure for a more stable and more competitive Florida insurance market."
“State Farm believes the provisions of Governor DeSantis’s legislative package dealing with lawsuit abuse clearly recognize that insurance is a pocketbook issue for consumers, and that the best way to bring about needed reforms is to stop excessive and meritless litigation that drives costs for the public. We thank Governor DeSantis and Commissioner Altmaier for their leadership and for working with legislators to craft this important package,” said Mark Delegal, Lobbyist for State Farm Florida Insurance Company
“Governor DeSantis is to be commended for forging a consensus on common sense reforms that will help relieve the market from unnecessary litigation,” said Personal Insurance Federation of Florida (PIFF) President and CEO Michael Carlson. “With further reforms, we will help improve conditions in the market, and Floridians will benefit.”
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.