JUST IN | Gov. Ron DeSantis signed a sweeping property insurance bill.
– Republican Gov. Ron DeSantis signed a sweeping property insurance bill on Friday. How much and when it will work to stabilize the stormy market is another question.
Florida has struggled to keep the insurance market healthy since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies in Florida. Risks for carriers have also been growing as climate change increases the strength of hurricanes and the intensity of rainstorms.
The bill new law will create a $1 billion reinsurance fund, put disincentives in place to prevent frivolous lawsuits and force some customers to leave a state-created insurer of last resort, Citizens Property insurance, for a private insurer, even if the policy costs more. It will also set more stringent deadlines throughout the claims process to try to insure homeowners don’t face coverage delays.
The insurance industry has seen two straight years of net underwriting losses exceeding $1 billion in Florida. Six insurers have gone insolvent this year, while others are leaving the state. It will also eliminate the state’s assignment of benefits laws, in which property owners sign over their claims to contractors who then handle proceedings with insurance companies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DeSantis signs bill seeking to stabilize insurance marketRepublican Gov. Ron DeSantis has signed a sweeping property insurance bill
Read more »
By every measure, Ron DeSantis’ newest Covid gambit is a tragedySome Republican senators reportedly made it clear they want nothing to do with impeachment proceedings. House Republicans don't seem deterred. (via MaddowBlog)
Read more »
Ron DeSantis Receives A Brutal Reminder From Stephen ColbertThe 'Late Show' host torched 'stupid mother Pfizer' DeSantis with a supercut of his past comments about COVID-19 vaccines.
Read more »
Schoen: 'Joe Biden's Worst Nightmare Is Ron DeSantis'Former Bill Clinton adviser Doug Schoen said Wednesday on FNC's 'The Story' that Gov. Ron DeSantis is President Joe Biden's 'worst nightmare' as a Republican opponent in the 2024 presidential race. | Clips
Read more »