In the past few years, home buyers and property owners have struggled with escalating insurance premiums, new policy/renewal requirements, or outright cancellations of coverage, as more and more insurers became overwhelmed with roof lawsuits and other challenges and many exited the Florida market or shuttered.

I want to share with you the latest legislative update on new laws aimed at tackling these problems.  If you have any questions, reach out to your insurance company to discuss what changes are coming and what options are available for current policyholders.  I hope these changes are a step in the right direction.  Let’s all hope our insurance crisis will come under control soon!

                                    Yien and The Yao Team
Copyright © 2022 Yien Yao, LLC

May 26, 2022
Fla. Lawmakers Pass Insurance, Condo Reforms
By Tom Butler

In a special session this week, the Florida Legislature passed a roster of bills to ease problems in the state’s insurance market, including SB 2D, which Florida Realtors heavily supported. Lawmakers also took steps to improve the safety of condo buildings.

TALLAHASSEE, Fla. – Florida lawmakers met this week in Tallahassee for a special session to help rein in rising property insurance costs throughout the state. Over the course of the three-day session, they amended their tasks to include condominium building safety, a response to the Surfside tragedy last June that killed 98 people.

“On the call of Governor DeSantis, lawmakers went to Tallahassee this week on a mission to address Florida’s ongoing property insurance crisis,” says Christina Pappas, president of Florida Realtors®. “I’m happy to report they not only made significant progress on that mission but went the extra step to help protect the safety and investments of current and future condominium residents.”

Property insurance reform
Lawmakers passed Senate Bill 2D which Florida Realtors heavily supported throughout the special session. It now goes to Gov. Ron DeSantis for his signature. The bill includes a variety of reform measures designed to reduce frivolous lawsuits, crack down on roofing scams, provide reinsurance relief – a type of insurance for insurers when they face heavy claims – and empower property owners to harden their homes against storms. Some changes in the bill include:

Condominium safety reform
Florida lawmakers also addressed condominium reform by passing Senate Bill 4D. This bill provides an overhaul of the high-rise inspection law, requires more frequent recertification of safety standards and mandates that condo boards build up reserves so they can make needed repairs. Changes in the bill include:

“Floridian’s have been struggling to keep up with rate increases, stay insured and find adequate coverage in their area,” says Pappas. “The measures passed by lawmakers this week will have a long-term positive effect on Florida’s insurance market. I’m proud of our members for staying engaged on this issue and continuing to demonstrate the need for these types of reforms. These policies may not immediately reduce premiums, but they do get at the heart of the problem.”

Tom Butler is Florida Realtors Public Policy Communications Director
© 2022 Florida Realtors®

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