FORT LAUDERDALE, FL, June 19, 2019 – The Federal Association for Insurance Reform (FAIR), a national non-partisan, consumer advocacy group dedicated to providing insurance consumers with quality coverage at affordable rates, applauds the passage of House Bill 301 which was signed into law by Florida Governor Ron DeSantis on Tuesday.
“H.B. 301 is the result of the hard work of its sponsors, Florida Senator Jeff Brandes and Florida State Representative David Santiago. We believe it is a major step in the right direction to drive down insurance costs and to provide for a more stable insurance marketplace in Florida”, said FAIR President and CEO Jay Neal.
On May 14, 2019, FAIR sent a letter to Governor DeSantis offering its support of the legislation, highlighting the following benefits to Florida homeowners, insurance consumers and the Florida insurance market:
- Reduction of property insurance rates for homeowners,
- Increased competition amongst Florida insurers,
- Increased consumer choice and flexibility,
- Promotion of private mitigation spending to reduce claims severity.
The Bill includes several changes to Florida property and casualty insurance regulations including an increase in reimbursement to insurers from the Florida Hurricane Catastrophe Fund for loss adjustment expenses from five to ten percent for losses on contracts after June 1, 2019. In a win for Florida insurance consumers, the Bill also expands the provision for multiple policy discounts if the same agent is issuing multiple policies.
“In an economy heavily reliant on real estate and tourism, we must continue to be diligent in managing the cost of property insurance. FAIR looks forward to continuing its work with all property and insurance stakeholders on behalf of Florida’s insurance consumers.” Neal added.