Insurance

Property Insurance Reform Bill Signed By Florida Governor DeSantis – NBC 6 South Florida

On Thursday, a property insurance reform bill passed by the state legislature in a special session this week was introduced and signed into law by Florida Governor Ron DeSantis. It was the final step in a process that many Florida homeowners followed closely.

Veronica Solomon is one of them. When she spoke to NBC 6 at her home in Miramar a few weeks earlier, she worried about the long-term impact of rising home insurance premiums. She said it was one of the reasons she continued to work. She also said she hoped to retire from her job as a 911 dispatcher in five years, but wasn’t sure that would be possible.

“If I choose fixed income, I don’t know what it would look like,” she said.

His last insurance renewal included a $1,300 increase. The relief she hoped to get from higher premiums, she said, did not come during this week’s special legislative session.

“There was no voter protection,” she said. “I thought there would be a moratorium on rate increases. They already get enough money from people like me.

What lawmakers passed in SB 2D included several roof provisions. Among them: allowing home insurers to charge a separate roof deductible that does not exceed 2% of policy occupancy limits or 50% of roof replacement costs, whichever is lower; owners with a roof deductible would get a premium credit or discount; allow the repair of certain roofs damaged by more than 25% instead of having to be replaced; and prohibiting companies from refusing to write or renew policies on homes with roofs less than 15 years old solely because of the age of the roof or for roofs over 15 years old, if an inspection shows that the roof has five or more years of useful life remaining. You can read more about the reforms here.

“If…you put a mandate on insurers to write business that they consider tail risk, you’re in trouble,” said Mark Friedlander of the Insurance Information Institute.

Friedlander said some of the changes could lead to higher premiums, adding that it’s unclear whether any of what has been passed will bring stability to the market.

“Our initial assessment of the bills that have passed show no possibility of making it a more robust market,” he said. “The legislature failed to address the root causes of our Florida home insurance crisis.”

Those cases, he said, are mostly fraudulent roofing claims and so-called frivolous lawsuits.

As for Veronica, she worries about the future.

“My pockets aren’t deep,” she said. ” I am like everybody else. I work every day to rob Peter to pay Paul and right now I’m robbing Peter and Paul to pay Henry.

She wonders about the reason for the extraordinary session.

“I don’t need legalese to tell me that these people had this special session for the show,” she said.

She also said she knew her anxiety over the cost of protecting her home was here to stay.

“My doctor can double my blood pressure medication when I go to see her,” she said. “The third blood pressure pill is for home insurance, the other two are for my heart.”

To read a copy of the invoice, click on here.