End result of Florida special legislative session on homeowner insurance TBD

Reporter: Andryanna Sheppard
FILE – Members of the Florida House of Representatives work during a legislative session at the Florida State Capitol, March 8, 2022, in Tallahassee, Fla. The Florida Legislature has started a special session focused on fixing the state’s turbulent property insurance market. Lawmakers on Monday, May 23, 2022 began considering sweeping legislation to create a $2 billion reinsurance fund and place new rules around attorney fees and coverage denials as lawmakers attempt to stabilize a market plagued by rising rates and insurer insolvencies. (AP Photo/Wilfredo Lee)

Day two of the Florida legislative special session on property insurance has come to a close, but don’t expect how much you pay to change any time soon.

Experts believe the proposed legislation doesn’t go far enough to protect homeowners.

One of the big issues experts say is not being addressed is the amount homeowners pay to protect their homes.

And it was clear, that the state Senate couldn’t agree on how to stop your rates from climbing.

One hour into the special session and Florida senators got to debate.

There was plenty of arguing about how to keep money in your wallet instead of going toward higher payments.

State Sen. Jim Boyd (R – Bradenton) said, “What we are doing today will stabilize the market and will allow those rates to come down, as these results are apparent. Sadly, it can’t happen today or tomorrow. We have to allow carriers to charge actuarially sound rates in the environment they are in.”

State Rep. Fentrice Driskell (D – Tampa) said, “Nothing that is passed in this building this week is going to bring rates down immediately for Florida homeowners. That is a real shame because people are feeling the crunch.”

And that’s true.

Cape Coral homeowner Anna Richeimer feels the pinch. “We’re not rich, so if things happen we have to count on our insurance.”

Senators discussed dozens of amendments – they all failed.

Instead, the hope is to give $2 billion in re-insurance to keep the insurance companies afloat. Which, in turn, could mean you won’t be dropped. You might also see your rates slow down, down the road.

State Sen. Lori Berman (D – Boynton Beach) said, “It’s basically a corporate bailout. I think that it’s reasonable for us to ask for them to have a rate freeze for this time period”

Sen.Boyd added, “I hope that we are creating an environment that will allow them to thrive in the future, as well as to bring additional markets back to Florida, which also just makes the marketplace so much better and so much more competitive and vibrant.”

Capping rent came up, but it didn’t really go anywhere since it’s not in any of the bills being discussed.

Lawmakers expect to put in final votes on Wednesday.

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