“I don’t like that. Floridians don’t like that,” the Florida House speaker said of the higher costs some homeowners will face now. “But we’re in a very bad spot.”
The Senate approved the same package Tuesday, 27-13. Most Democrats in both chambers voted against the measure, crafted by Republican leaders.
He added, “While it doesn’t provide immediate relief on premiums, because we’re just not in that situation right now, it does provide immediate relief by raising the prospect that the insurance you had last year will still be here this year. “I believe that the reforms we made...will solve many of the problems in the market that are driving rates up,” said Sen. Jim Boyd, R-Bradenton, an insurance executive who sponsored the Senate’s version of the legislation.The bill would force the 1.1 million policyholders in Citizens out of this cheaper coverage and into private insurance if they get an offer less than 20% higher when they go to renew.
Because of the market’s upheaval, Citizens has essentially changed from its intended role as the “insurer of last resort” to a policy preferred by many buyers. That increases the risk on all state taxpayers who could have to pay more in the unlikely event of a series of major storm claims erasing all of Citizens’ reserves.
“When Americans get a cold, Black Americans get pneumonia, and our state is a living testament to that,” said Rep. Dianne Hart, D-Tampa, chair of the Florida Legislative Black Caucus. “Sadly, so many homeowners are going to be left to navigate this on their own, while insurance companies have offices filled with lawyers, ready to go, ready to fight for them,” she added.
Christina Pappas, 2022 president of Florida Realtors, said the proposed fixes were “absolutely essential” for the many Floridians who “have felt the impacts of the insurance crisis in terms of availability, coverage and reliability.”
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