Without significant reform, industry experts say Florida’s insurance crisis could end up forcing people out of their homes because they simply can’t afford to pay for their property insurance.
FILE - Members of the Florida House of Representatives work during a legislative session at the Florida State Capitol, March 8, 2022, in Tallahassee, Fla. The Florida Legislature has started a special session focused on fixing the state’s turbulent property insurance market.
“It’s very serious. some carriers are on life support, some are about to pull the plug, others are in critical condition. And without reform will go to life support and or pull the plug. so I don’t know that we could be in any worse a position as Floridians than we are,” said state Sen. Jim Boyd, R-Bradenton., which he coauthored. Boyd says his bill would discourage lawsuits and roofing fraud, the No. 1 driver of out of control insurance rates, and homeowners policies being dropped.
The special session comes as Florida’s second extracurricular meeting of the legislature in recent months, following the failure of the GOP-controlled statehouse to pass insurance proposals earlier this year during its regular meeting period. There is also increasing urgency for lawmakers to address problems in the state’s market ahead of the looming hurricane season, which in previous years has brought devastating storms to Florida, such as the Category 5 Hurricane Michael in 2018.
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