Anticipating the need for more legislation about the state’s troubled property-insurance system, Gov. Ron DeSantis on Friday signed bills intended to stabilize the insurance industry and provide $751.5 million for people and communities recovering from hurricanes.
The retreat from the market by private insurers has led to a flood in policies at the state-backed Citizens Property Insurance Corp. State leaders have long warned that policyholders throughout Florida could get stuck with the tab through what are known as “assessments” if Citizens can’t pay all of its claims after a major hurricane or hurricanes.
“We understand it's a difficult issue,” DeSantis said. “We want to continue working until we get it in as great a shape as possible.” In addition, it prevents Citizens policyholders from renewing coverage if they receive policy offers from private insurers that are within 20 percent of the cost of the Citizens premiums, and it sets aside $1 billion in tax dollars to help provide reinsurance, which is backup coverage for insurers.
“Republicans in the Legislature prioritized giving insurance companies what they wanted instead of giving hard-working Floridians relief from paying the highest property insurance premiums in the country,” Driskell said. The bill includes allocating $350 million to the Florida Division of Emergency Management to match Federal Emergency Management Agency public-assistance grants; $150 million to the Florida Housing Finance Corp. to assist property owners and renters with housing repairs; and $100 million to beach-erosion projects.
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