Florida lawmakers to tackle property insurance crisis in second special session
Special session on property insurance begins
Florida homeowners pay the highest property insurance premiums in the country, more than three times the national average. It's one of the reasons state lawmakers are meeting for a special session this week – to tackle the state's property insurance crisis.
TALLAHASSEE, Fla. - Florida homeowners pay the highest property insurance premiums in the country, more than three times the national average. It's one of the reasons state lawmakers are meeting for a special session this week – to tackle the state's property insurance crisis.
Lawmakers are trying to figure out how to stabilize the market and bring costs down for everyone.
This is the second session to address the issue. Legislation passed this summer to create a $2 billion reinsurance program, offering grants to homeowners who add more hurricane protection and limiting attorney fees in some insurance-related lawsuits.
Florida law allows attorneys to collect high fees in property insurance cases. Companies say it’s hurting them, and that’s why it’s hurting your pockets.
The special session will run through the end of the week.
Most believe that even if something is nailed down by lawmakers by Friday, it's going to take over a year for homeowners to feel relief.