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.
“As we look forward, and as these reforms take place and work their way through the ratemaking process, I absolutely believe it will drive their costs down,” said Republican state Sen. Jim Boyd, who sponsored the bill. “While it might not happen today, I absolutely believe we will have rate relief as we move forward 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.
The proposal will also speed up the claims process and eliminate the state’s assignment of benefits laws, in which property owners sign over their claims to contractors who then handle proceedings with insurance companies.
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