Florida State Capitol Building in Tallahassee. (Credit: Felix Mizioznikov/Adobe Stock)
Insurers could find some measure of relief from losses under legislation proposed by Florida lawmakers at an upcoming special session, which will create a $2 billion reinsurance fund. Legislators are also looking at prohibiting insurers from automatically denying coverage to homeowners' with older roofs that are still in a serviceable condition.
Four bills filed late Friday in the state House and Senate would create a new fund in which insurers can purchase insurance to help insulate them from risk. The bills also would allow homeowners with roofs 15 years or older to get an inspection of their condition before insurers deny them coverage. If an inspection shows that a roof has at least five years of life remaining, insurers can't refuse to issue a policy only based on the roof's age under the proposed legislation.
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