JACKSONVILLE, Fla. – The Florida Legislature will hold a special session on Monday to tackle the property insurance issues in the state.
State officials could take some major steps in stabilizing the insurance market following this session. However, it isn’t an easy problem to fix, especially since two hurricanes hit the state and caused significant damage.
Local residents have explained their property insurance rates have skyrocketed
“My property insurance went up 30%,” one News4JAX reader commented.
Another said their insurance doubled in 2021.
With the session, lawmakers plan to address reducing litigation costs, fostering reinsurance, improving claims, increasing oversight of property insurance market participants and more. The session will also discuss tax relief and financial assistance for Hurricane Ian and Hurricane Nicole-related damages.
Lawmakers will also look to create a statewide toll credit program for frequent Florida drivers as well.
A special session was held back in May to try to address the insurance market, but not much was accomplished.
Even after next week’s special session, it’s likely residents won’t see immediate relief.
The Office of Insurance Regulations established a temporary market stabilization arrangement in July through Citizens Property Insurance or Citizens.
As of September, Citizen, which is a state-created insurer, had over a million policies.
News4JAX also learned that policies under United Property and Casualty Insurance will be canceled by May 2023, making them the seventh company to leave the state, which could push their policyholders to Citizens.
The proclamation says it will try to improve the financial stability of Citizens, reduce assessments with the company, and foster a transition of Citizens’ policies to the private property insurance market.