April 26, 2022 Updated 6:09 P.M. ET
TALLAHASSEE (FLV) – Gov. Ron DeSantis called a Special Session for May to stabilize the property insurance market in Florida.
Floridians are facing higher property insurance premiums and several insurance companies writing homeowners coverage have either gone insolvent or required midterm cancellations.
The State of Florida’s public insurer that people use for last resort has seen an increase of about 499,000 policies since the beginning of 2020. That number is on track to hit over 1 million policies by the end of the year.
State lawmakers including Senator Jeff Brandes urged a special session when lawmakers did not address the issue during the 2022 regular session.
“Florida’s private property insurance market has collapsed, and it is evident we must call a special session to address this dire situation,” Brandes said in the letter to Senate President Wilton Simpson and House Speaker Chris Sprowls on March 6th.
The Special Session will commence Monday, May 23rd and extend no later than Friday, May 27th.
“Today, Governor Ron DeSantis issued a proclamation, calling for a special session to consider legislation related to property insurance, reinsurance, changes to the Florida Building Code to improve the affordability of property insurance, the Office of Insurance Regulation, civil remedies, and appropriations,” said Taryn Fenske, the Governor’s director of communications.
You can read the proclamation here.
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