Florida Lawmakers Grapple with Homeowners Insurance Crisis

As Florida’s state lawmakers prepare for the annual legislative session, a primary concern among constituents is the state’s homeowners insurance crisis. Governor Ron DeSantis has proposed budget measures including insurance tax cuts to slightly reduce Floridians’ premiums. Mike Yaworsky, the state’s insurance regulator, is interested in legislation to enhance insurers’ transparency.

Legislation filed so far, mainly by Democrats, offers various solutions to the crisis. These include direct subsidies for Floridians, changes to state-run Citizens Property Insurance coverage, and structural reforms within the insurance industry. Notably, proposals like HB 41 advocate for state-funded grants to assist with insurance or mortgage payments, while SB 102/HB 1017 aims to make the state’s insurance commissioner an elected position and establish a Property Insurance Commission.

Other significant proposals include SB 178, focusing on dispute resolution in insurance claims, and HB 329/SB 860, which seeks to provide financial assistance to homeowners. SB 348 proposes an insurance rebate program for low-income seniors. HB 565/SB 604 looks to increase the cap on home values insured by Citizens Property Insurance in specific counties.

Bipartisan efforts are evident in SB 802/HB 655, introducing a pilot program for condominium windstorm insurance, while SB 1070/HB 809 and SB 1106/HB 889 propose methods to lower insurance premiums with trade-offs in coverage. Additionally, HM 371 calls for a federal catastrophe pool to mitigate risks of major storms.

Despite these myriad proposals, it remains uncertain which, if any, will be adopted. Historically, the Republican-controlled Legislature has not passed the proposals made by Democrats. The upcoming legislative session will be crucial in determining the course of action to address Florida’s homeowners insurance crisis.