Within the U.S. property and casualty insurance sector, Florida stands out as one of the first states in recent history to experience skyrocketing claim costs, shrinking coverage availability, and a crisis in premium affordability.
The Sunshine State also has been deeply impacted by nuclear verdicts as well as insurance fraud. Making matters worse: Severe weather is a relatively common occurrence there.
It follows that Florida state legislators have proposed an array of measures aimed at addressing an insurance environment that's become caustic for both consumers and insurance carriers. One of these measures was HB7073, a recently-passed tax law that introduces a one-year exemption on residential property and flood-insurance premiums.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
