Bills to prioritize funding for a home hardening grant program, require insurers to report more data to regulators and allow surplus lines companies to take over some policies from state-run Citizens Property Insurance Corp. are soon headed to Gov. Ron DeSantis' desk.
The Senate passed SB 7028, which includes $200 million for the My Safe Florida Home program, after Senators agreed to a $100 million boost to the program made by the House. The program provides matching grants to homeowners looking to harden their homes against storms. Other parts of the bill prioritize applicants by age and income, with low-income homeowners older than 60 given the first shot at the funds.
The House also passed HB 1503, which allows lightly regulated surplus lines insurers to take over secondary homes in Citizens. The companies must be A-rated by the AM Best ratings agency and OIR must approve the take out plan. The House agreed to a change made by the Senate to ensure homesteaded properties won't be eligible to be taken out by surplus lines companies.
Late Thursday, the House also accepted changes the Senate made to HB 1611, a large insurance package requiring insurers to report more data to the Office of Insurance Regulation on a monthly, rather than quarterly, basis.
On Wednesday, the Senate removed a provision from the bill allowing nursing homes to self-insure and added a provision allowing the Florida Birth-Related Neurological Injury Compensation Association to spend 100% of its surplus, but also requiring the group to issue a report on its actuarial soundness by Sept. 1.
The House concurred with the changes and passed the bill unanimously.
Skyrocketing property insurance rates have been a hot-button issue, with Democrats criticizing Republicans in charge of the Legislature throughout the Session for not doing more to cut premiums.
Legislative leaders included a plan to cut premium taxes and assessments by about $500 million over two years in the tax cut bill (HB 7073), lowering bills for homeowners by about 3%. But that could yield little savings for homeowners following two years of sharp rate hikes.
Still, GOP leaders have said they want to see the market adjust to the changes they passed in previous years aimed at reducing lawsuits and capping attorney fees before embarking on more major changes to the law.
"We know these reforms are working. We are seeing new insurers and new private capital enter Florida, while large companies recommit to our state, citing the litigation reforms enacted last year," said Senate President Kathleen Passidomo, a Naples Republican.
"Every little bit helps. Cutting $500 million in taxes associated with flood insurance and property insurance premiums is important for families trying to make ends meet as our insurance market strengthens."
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