A report released last month showed that sky-high insurance rates are the primary concern for Florida voters.
The report was released by the Associated Industries of Florida ahead of the legislative session that started last week, with property insurance costs ranking as the top issue for Floridians at 33%.
So we are looking at what lawmakers are doing in Tallahassee to bring you relief, and what insurance bills could actually have some traction this year.
"It appears that there are some state representatives that want to do something big to make changes to the Florida insurance market," said Mark Friedlander with the Insurance Information Institute. "They don't feel the previous reforms have been effective, despite the results showing otherwise."
My Safe Florida Home Program
HB 851: Trust Funds/My Safe Florida Home Trust Fund/Department of Financial Services
HB 853: Home Hardening
HB 393: My Safe Florida Condominium Pilot Program
First, a series of 11 bills will refund and replenish the My Safe Florida Home program and create a trust to keep it permanently each year.
As we know, the home hardening program has had great success offering homeowners up to $10,000 in state grants to make improvements to their homes and bring down rates.
It's quickly run out of money two times now.
"There are several bills that would support the My Safe Florida Home Grant Program, it's been a successful program to the point they keep running out of funds because so many people are signing up," Friedlander said. "It's not only making properties more resilient, which fits directly with the insurance industry's focus on preventing losses, but it leadS to premium discounts as well."
Auto Insurance Reform
HB 1181: Motor Vehicle Insurance
Another bill to watch is on auto insurance. This bill would repeal Florida's no-fault auto insurance laws and convert it to an at-fault state.
It would require drivers to carry bodily injury and property damage coverage, which the Insurance Information Institute says will raise rates.
"Based on the way the bill has been filed, there will be higher minimum limits required for all drivers, that's a positive aspect," said Friedlander. "But once again you have to look at the other side that also raises everybody's rates which is a negative especially in a state that is already as such a high price point like Florida."
Insurance Tort Reform
HB 451: Insurance Practices
HB 1551: Attorney fees in insurance matters
Also on the radar is a series of bills on insurance tort reform.
"We are now looking at a package of four bills that address legal system abuse and tort reforms that were passed in 2022 and 2023," Friedlander said. "These bills have a focus of tearing apart the tort reforms back and turning the clock back."
Many would reverse some of the reform lawmakers passed in 2022 to bring down litigation against insurance companies, where Florida was leading the way, causing rates to skyrocket.
That reform did away with things like one-way attorney fees, where the insurance companies would cover all fees no matter if they won or lost in court. Insurance leaders said that's why the market is recovering so well right now and rolling back any of the litigation reform could open the flood gates to frivolous litigation again.
"[This bill] is not as liberal as the one-way attorney fee provision we had before reform, but it is a mechanism to open the flood gates again to a large volume of losses," said Friedlander. "It is not the norm across the country. We see the American rule of law in most states, and it's each party pays for their own fees, that's how it works."
But attorneys say it makes it nearly impossible for policyholders to sue if they need to fight an unjust claim. Central Florida Attorney Corretta Anthony Smith supports rolling some of the reform back.
"The losing party pays, so if you were to go out there and file a frivolous lawsuit then you would be responsible for paying the insurance companies attorney's fees, however if the insurance company unjustly denied your claim, then they would be on the hook for attorney's fees, now doesn't that sound fair," said attorney Coretta Anthony-Smith.
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