Florida lawmakers set to meet on ailing insurance market

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Lawmakers will be tasked with reforming elements of the state's troubled property insurance market, providing tax or other financial relief related to damage from Hurricanes Ian and Nicole, and creating a toll credit program for frequent Florida commuters.

FILE - The bridge leading from Fort Myers to Pine Island, Fla., is seen heavily damaged in the aftermath of Hurricane Ian on Pine Island, Fla., on Oct. 1, 2022. Officials announced Tuesday, Dec. 6, that the Florida Legislature will meet next week for a special session on property insurance and property tax relief in the wake of damage caused by Hurricane Ian.

Lawmakers in May passed legislation creating a $2 billion reinsurance program, offering grants to homeowners who retrofit properties to be less vulnerable to hurricane damage and limiting various attorney fees in some insurance-related lawsuits. Attorneys' groups have argued insurers are also to blame for refusing to pay out claims, saying homeowners file suit as a last resort.

Citizens Property Insurance was created by the state in 2002 for Floridians unable to find coverage from private insurers.

 

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