The law, which Gov. Ron DeSantis quickly signed, made a series of changes to try to reduce litigation costs. Those changes included eliminating what are known as "one-way attorney fees." (Credit: Terry Kelly/Shutterstock.com)
Florida lawmakers last week made changes that will provide "much needed relief" in the troubled property-insurance system, but effects of the legislation won't be immediate, the AM Best financial-rating agency said in a new report.
The report pointed to parts of the new law designed to curb litigation, which insurers have long blamed for driving up costs. But it also cited underlying issues in the system, such as national insurance companies being leery of doing business in the state and Florida carriers being heavily dependent on reinsurance.
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