The Florida Senate approved sweeping legislation that would overhaul the state's property insurance system, which has struggled due to insolvencies, high costs and major storms.
TALLAHASSEE, Fla. — The Florida Senate on Tuesday approved sweeping legislation that would overhaul the state's property insurance system, which has struggled due to insolvencies, high costs and major storms.
The bill, which builds on insurance legislation passed in May, is not expected to immediately lower rates for policyholders, which has drawn criticism from Democrats. Backers of the bill argue that it is meant to stabilize the market, which then could lower rates in the future. Republicans rejected the Democratic amendments following several hours of debate and eventually approved the legislation.
The legislation would remove “one-way” attorney fees for property insurance, which require property insurers to pay the attorney fees of policyholders who successfully sue over claims, while shielding policyholders from paying insurers' attorney fees when they lose.
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