On December 15, 2022, the Florida Legislature passed important legislation aimed at reforming the property insurance market in Florida. These reforms represent some of the most significant changes to occur in the Florida property insurance market in recent times. Insurance agents and adjusters who deal in property or personal lines coverages are strongly encouraged to understand these new provisions to better evaluate their impact and advise their clients accordingly.
The passage of these reforms resulted from a special session called for by Governor DeSantis to address many of the factors that have led to ever-increasing premiums, insurer insolvencies, and concern over the future availability of property insurance coverage for Florida property owners. The major provisions of these reforms are contained in SB-2A and seek to address the primary cost factors that have led to instability in the property insurance marketplace while also including additional consumer protections and providing for increased regulatory oversight. Additional bills were passed which provide tax relief for Hurricane Ian victims and reduce toll costs for frequent travelers.
The law firm of Greenberg Traurig has developed a condensed analysis of the legislative changes that can be located here: GT Special Session Report. An excellent, more comprehensive analysis of the reform legislation, including important background information and rationale for these reforms, was developed by Senate staff, and is available here: Staff Analysis SB-2A. BetterCE is in the process of developing a continuing education credit-eligible course that covers these changes which we hope to have available in the very near future.
