Florida Lawmakers Propose Major Overhaul of Insurance Policies

Florida lawmakers are advancing multiple bills to address the state's ongoing insurance crisis, particularly focusing on rising homeowner premiums and the financial stability of Citizens Property Insurance. Senator Blaise Ingoglia has introduced SB 1740, which mandates insurers maintain an additional $35 million in reserves and restricts executives of failed companies from leading new insurers for five years. Additionally, the proposed SJR 1190 aims to freeze property taxes for homeowners implementing hurricane-resilient upgrades, contingent on legislative approval. Despite these initiatives, Citizens Property Insurance is set to increase premiums by an average of 8.6% for most policyholders, raising concerns about affordability and access to coverage. The legislative measures reflect a broader effort to stabilize the market, amidst fears that escalating costs could drive more insurers out of Florida. Stakeholders are divided on whether these reforms are sufficient to resolve the intricate challenges facing the insurance landscape in the state.