Florida’s new laws on property insurance and condo safety may not give homeowners relief

Source: WUSF Public Media Author: Sarah Mueller Date Published: May 29, 2022 Some lawmakers and industry analysts worry the new laws don’t deliver relief fast enough and don’t go far enough for property owners to see a difference. When Lynn Haven resident Tori Lambeth bought her first home in 2019, it felt right. The payment—mortgage, taxes, and insurance—was…

Fears mount that many insurers might not be financially prepared for hurricane season, despite reforms

Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 28, 2022 While most Floridians kick off summer by enjoying a long Memorial Day weekend, executives of financially shaky insurance companies will be scrambling to make sure their customers remain protected into the upcoming hurricane season. Depending on how many fall short, tens of thousands of policyholders could…

Consumer advocates push accountability for bad actors, assistance for homeowners ahead of Special Session

  Source: Florida Politics Author: Jacob Ogles Date Published: May 23, 2022 Advocates say lawmakers need to look beyond Summer and storm season. As lawmakers return to Tallahassee for a Special Session, consumer advocates hope for solutions that don’t drive people from homes. The consumer advocacy group Floridians For Honest Lending and insurance reform advocates Federal Association…

FL lawmakers unveil property-insurance fixes but market has ‘further devolved’

Source: Florida Phoenix Author: Laura Cassels Date Published: May 22, 2022 Creating a $2 billion reinsurance fund to help insurance companies pay catastrophic claims is a good idea but it is unclear whether it can significantly ease Florida’s property-insurance crisis. Establishment of that fund to, in essence, provide hard-to-come-by stability for Florida insurance companies, is the hallmark…

As climate in FL sets ‘new normal,’ cost of property insurance will separate haves and have-nots

News Source: Florida Pheonix Author: Laura Cassels Date Published: May 19, 2022 Florida lawmakers poised to act against soaring property-insurance rates may address allegations of insurance fraud and may manage to lure jittery reinsurance companies back into Florida’s crippled marketplace. But one thing they can’t do is change the weather. “Insurers believe that due to climate change, this…

Policy changes approved by state insurance commissioner violate policyholders’ rights, lawsuit says

Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 18, 2022 Changes to terms of home insurance policies approved by Florida Insurance Commissioner David Altmaier violate policyholders’ rights by depriving them of the ability to sue over disputes or be reimbursed for work by repair contractors, a new lawsuit charges. The suit was filed Tuesday by…

FL CFO Press Release: WHAT THEY ARE SAYING – Florida Leaders Applaud CFO Patronis’ Anti-Fraud Initiatives Ahead of Special Session

Source: Office of Florida’s Chief Financial Officer Jimmy Patronis Date Published: May 17, 2022 Today, leaders from throughout Florida applauded Chief Financial Officer (CFO) Jimmy Patronis on his recently announced anti-fraud legislative proposals, which are aimed at cracking down on fraud, fighting premium increases, and helping lawmakers as they craft legislation for the upcoming special session. This…

State lawmakers hold second special session to work on Florida’s property insurance troubles

News Source: WUSF Public Media Author: Mattew Peddie, Dinorah Prevost Date Published: May 17, 2022 Homeowners are paying more for less coverage as insurance companies ditch customers. Others have gone out of business. This week on Florida Matters, the state’s property insurance market is in big trouble. Homeowners are paying more for less coverage as insurance companies shed…