DeSantis signs home insurance bill sought by industry and opposed by some consumer advocates

Gov. Ron DeSantis signed property insurance legislation Friday that allows for larger rate hikes at state-run Citizens Property Insurance and makes other changes requested by private insurers and opposed by some consumer advocates.

Touting the bill as an effort to "turn the corner" on the struggling property insurance market, DeSantis signed the measure during an event in downtown Sarasota that included a roundtable discussion on insurance issues.

Many private property insurers are hiking rates by double digits as they complain about litigation costs, prompting lawmakers to respond. Supporters of the insurance bill say it will keep rates down by targeting what they describe as unscrupulous legal practices.

"You've seen major premium increases," DeSantis said. "You’ve even seen some homeowners, they just, their policies get canceled, they get dumped onto Citizens and so we wanted to do something to stabilize that, to try to invite more people from the private sector to participate in the market and ultimately give consumers more opportunities to have policies that are affordable and that will protect them from whatever mother nature throws our way."

Read more: https://www.palmbeachpost.com/story/news/politics/2021/06/11/governor-ron-desantis-signs-property-insurance-bill-targeting-ailing-homeowners-market/7651372002/