DeSantis signs three bills aiming to strengthen Florida’s property insurance market
TALLAHASSEE, Fla. (FLV) – Gov. Ron DeSantis signed three bills aimed to strengthen Florida’s property insurance market, expand the state’s home hardening and hazard mitigation programs, and further protect consumers against bad actors.
Additionally, DeSantis announced the approval of an additional $100 million in the 2023–2024 General Appropriations Act for the My Safe Florida Home Program.
The program provides grants to Florida homeowners for hurricane retrofitting, making homes safer and more resistant to hurricane damage and bringing the state’s combined investment to $250 million over the past year.
“Since taking office, Florida has instituted a series of reforms to increase consumer choice and accountability in our insurance market,” DeSantis said.
“The bills I’ve signed today reinforce our commitment to Florida policyholders by investing in hazard mitigation programs and instituting a series of accountability measures that protect consumers from predatory insurer practices.”
One of the bills the governor signed Wednesday enacts several consumer protection measures that further increase competition and accountability in Florida’s property insurance market.
“I commend the team effort on this legislation, bringing stakeholders together to put forward a strong and meaningful insurer accountability package that enhances consumer-friendly provisions of current law and increases transparency between homeowners and insurance companies,” Senate President Kathleen Passidomo said.
Another bill DeSantis signed Wednesday related to property insurance expands mitigation discount programs for policyholders.
“The insurance legislation signed by Governor DeSantis today increases accountability of insurers and transparency in the marketplace,” House Speaker Paul Renner, R-Palm Coast, said.
“It not only empowers homeowners but also cultivates market-driven competition, ultimately leading to lower costs. By establishing clear standards, fostering consumer trust, and promoting fair practices, we can pave the way for a resilient and affordable insurance landscape that benefits homeowners and their communities.”
The other bill signed by the governor Wednesday expands eligibility for the My Safe Florida Home Program. The program was first included in legislation signed by DeSantis last year.
The bill signing builds on two pieces of legislation the governor signed in 2022. One of them provided $750 million for additional disaster relief to Floridians following Hurricanes Ian and Nicole and the other aimed to help stabilize the property insurance market, increase competition and strengthen consumer protections.
Insurance Commissioner Michael Yaworsky said as they work to implement the new legislation, the Florida Office of Insurance Regulation will “continue to support” both a competitive market and ensure that when a bad actor is identified, they utilize the “full extent” of their regulatory authority to protect policyholders.
“Governor DeSantis and the Florida Legislature continue to demonstrate their commitment to Florida’s policyholders, and I thank them for their leadership on this legislation,” Yaworsky said.
