Members of Florida legislature are developing measures to reduce property insurance costs

Members of Florida legislature are developing measures to reduce property insurance costs

This week, a special session devoted to real estate insurance (the second in the current year) will take place in the Florida state legislature.

The recently elected Paul Renner, House Speaker, declared that their goal was stabilizing the market and ensuring its growth. Immediate relief, however, should not be expected.

Meanwhile many Floridians are running out of patience: the insurance costs are skyrocketing, some insurance firm stopped dealing with this region, others went bankrupt, and the last remaining option, Citizens Property Insurance funded by the state, has almost doubled the cost of its insurance policies over the past two years.

Paul Renner and his fellow Republicans intend to make the market more attractive and thus incentivize insurance firms to return to Florida. The growing competition should lower the prices for consumers. Democrats demand more decisive measures and immediate assistance for the voters.

The comprehensive package of measures may include a reform of civil claim procedure, as Florida courts are currently overwhelmed with the huge number of property insurance claims. Another potential measure is reinsurance.

The final plans should be ready over the next few days. The next special session will begin on December 12.

Taking these measures should make Florida homeowners’ lives much easier.

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