Florida Governor Ron DeSantis introduced that state legislators have agreed to carry a particular session after the November 8 election and earlier than the 12 months ends, to deal with Florida’s deteriorating insurance coverage market.
The governor revealed in a current occasion in Fort Myers that the incoming House Speaker Paul Renner and Senate President Kathleen Passidomo had been “ready, willing and able” to assist the property insurance coverage market get “on a stable footing.” DeSantis additionally stated that the Legislature would additionally present property tax rebates to these affected by Hurricane Ian within the type of an govt order delaying tax cost deadlines for the impacted.
“It costs way more to replace a roof today than it did just three years ago,” the governor stated. “So we need to do everything we can to push back on that and fight for a more competitive market where rates are incentivized to go down.”
Politico reported that that is the second time this 12 months that Florida legislators are being requested to deal with the state’s troubled property insurance coverage market. The final particular session was held in May, whereby the state agreed to create a $2 billion reinsurance fund for personal insurers working within the state. Lawmakers additionally agreed then to take a position $150 million right into a hurricane mitigation program which might enhance the resilience of houses, whereas revising guidelines round insurance coverage litigation – a measure meant to regulate the rampant insurance coverage litigation in Florida.
Read extra: Florida insurance coverage commissioner named in lawsuit
“There were some very positive reforms that were done,” DeSantis stated of the earlier particular session. “But there also were things we wanted to do that the Legislature at that time was not willing to do. I think we will be able to do that in this special session.”