"Senate Bill 76 takes important steps to address the unique challenges facing the Florida property insurance market, address cost drivers within the market, and help stabilize rates for consumers," said Florida Insurance Commissioner David Altmaier. (Credit: Felix Mizioznikov/Shutterstock)

Florida Senate Bill (SB) 76, which covers a host of issues regarding property insurance, was signed into law by Gov. Ron DeSantis, while a consumer protection bill that will change public adjuster requirements in the state is expected to be signed soon.

"Florida's property insurance market has been in crisis for years. Besides weather events, bad actors have been targeting homeowners and insurance companies. Over the past seven years, insurance companies have paid out over $15 billion in claims, out of which over $10 billion went to attorney's fees," State Representative Bob Rommel said in a release. "We have over 1,100 people a day moving to Florida, and we need to ensure that consumers have the ability to obtain affordable insurance policies from private companies and not just Citizens, which was originally set up as the insurer of last resort. SB 76 will stabilize the market and should attract new insurance carriers to Florida."

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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