Homeowners may not see immediate relief with property insurance, experts say – FOX 13 Tampa

Tips for homeowners to get by with impacts of property insurance

Briona Arradondo reports

TAMPA, Fla.Florida is about a week into a new landscape for property insurance reform to stabilize the insurance market, but experts said there’s still work ahead for homeowners to get relief.

Governor Ron DeSantis signed the changes into law last Friday, and insurance industry experts said it could take a year or more for premiums to go down.

Gov. DeSantis signs bills aimed at overhauling property insurance, providing hurricane relief

Barry said reducing fraud and excessive lawsuits are big stabilizing the market.

“Florida was the home of nearly 80% of the homeowner’s insurance property lawsuits in the nation. Eighty percent of them were occurring in Florida, and yet Florida was less than 10 percent of the total homeowner’s insurance claims being filed,” said Barry.

Previous: Governor DeSantis signs property insurance bill

Florida Gov. Ron DeSantis has signed two massive bills into law that legislators passed during this past week’s special session, intended to overhaul the state’s troubled property insurance system and provide over $750 million to communities recovering from hurricanes.

Insurance experts said the reform changes could draw some insurers back who left.

“In the long term? The answer is hopefully yes. In the short term, it’s unclear because the new law is not retroactive,” said Barry.

MORE: Housing advocates see high influx of homelessness in 2022 as rents increased

That helps companies, but Republican lawmakers who pushed legislation acknowledge some drawbacks that some Democrats like State Representative Lindsay Cross find one-sided.

More: Florida insurance commissioner resigns one day after special legislative session on property insurance overhaul

One day after lawmakers passed an overhaul of Florida’s troubled property insurance system, state Insurance Commissioner David Altmaier submitted his resignation to Gov. Ron DeSantis.

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