TALLAHASSEE.- This Monday began in Tallahassee the extraordinary session of the legislature that seeks to stabilize the property insurance market in Florida.
According to state legislators, they will work to reduce the costs of lawsuits once morest insurance claims and will seek to enhance the availability of critical reinforcements in cases of extreme payments. They also intend to strengthen the financial stability of the state insurer Citizens.
Floridians pay the highest homeowners insurance premiums in the nation and the goal is to try to stabilize the market to lower those premiums.
Another issue being discussed is that hundreds of thousands of Citizens-insured homeowners would have to pay more immediately because part of the 100-plus-page proposal includes requiring Citizens insured to mandatorily purchase flood insurance. .
Another critical aspect of the proposal is that it dramatically limits lawsuits once morest insurance companies to collect claims. If approved, the bill removes the requirement for insurance companies to pay the attorney fees of prevailing homeowners in their lawsuits.
In addition, it would prohibit the practice of assigning benefits, where the owner authorizes a third party to handle the repairs and negotiate directly with the insurance company.
There will also be a shorter time for the owner to file a claim, but on the other hand, the insurance companies will have less time to acknowledge the claim, do the inspections and make a decision.