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Friedlander notes that the insurance reform bill passed in December 2022 “addresses the two root causes of Florida’s residential insurance crisis — litigation abuse and assignment of ...
Enter the Florida Legislature, which passed a slew of reforms in December 2022 to crack down on litigation costs and limit the state's involvement in the property insurance market, including a ban ...
Florida insurance customers still in sticker shock over premium spike hikes. Jared Laub of Boca Raton said he wishes he could go back to 2023 when he didn’t even notice his insurance bill ...
The average premium for homeowners insurance in Florida hit $6,000 per year for 2023, compared with just $1,700 for the nation as a whole, according to the Insurance Information Institute.
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
Analysts and insurance industry observers say property insurance fixes don't go far enough for homeowners.
[84] [85] In 2014, after an outcry by Florida property owners facing steep flood insurance-rate hikes, [86] Nelson supported legislation that would provide retroactive refunds for taxpayers who had experienced large hikes in their flood-insurance rates due to the sale or purchase of a home. The proposal would also cap average annual premium ...
It's not known if both chambers of the Legislature can bridge key differences.