DeSantis indicators two payments to deal with state’s insurance coverage points

0
231
DeSantis indicators two payments to deal with state’s insurance coverage points


Of the $750 million being offered beneath the invoice, $350 million will go to help native governments for FEMA Public Assistance, which allows them to liberate extra native funds for added hurricane restoration and mitigation initiatives.

Another $150 million will go to the Florida Department of Environmental Protection (DEP) to help native seaside renourishment initiatives and a brand new Hurricane Restoration Reimbursement Grant Program, whereas $100 million will go to the DEP to restore and reconstruct neighborhood stormwater and wastewater infrastructure. Finally, the remaining $150 million will likely be used to help the Hurricane Housing Program and Rental Recovery Loan Program.

Following the particular session final week, the governor additionally signed Senate Bill 2-A, the Property Insurance invoice. The invoice eliminates one-way lawyer charges for property insurance coverage claims, to disincentivize frivolous lawsuits and in the end assist drive down dwelling insurance coverage prices. It additionally enhances the Office of Insurance Regulations’ capability to conduct examinations of property insurers following a hurricane to stop any abuse of the appraisal course of, reduces timelines for insurers at hand out payouts, and commits extra funding for short-term reinsurance help.

SB 2-A has been met with some reward from the insurance coverage trade.

“Insurance fraud and abuse is rampant within the state of Florida, costing householders and insurance coverage carriers billions of {dollars} every year,” stated NICB president and CEO David Glawe in an announcement. “We thank the Florida legislature, Florida Chief Financial Officer Jimmy Patronis and his workplace, in addition to Governor DeSantis for working collectively to stabilize the Florida property insurance coverage market and tackle the decades-long fraud and abuse that has plagued the state.”

However, some have expressed issues that SB 2-A may do extra hurt than assist.

“Floridians are losing yet again,” stated Florida House Democratic Leader Fentrice Driskell of Tampa, as reported by Florida Politics. “I worry for our neighbors on fixed incomes. How many people are going to lose their homes before this ‘trickle down’ plan offers any relief? I’m worried about Florida’s retirees. This bill definitely wasn’t written to help them.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here