The home insurance crisis continues with no immediate relief in sight. This year alone, two home insurers have failed, bringing the total to six home insurance companies that have failed since 2017. And according to an official with the Insurance Information Institute, that list could grow as the holiday season begins. hurricanes
This is, by definition, a crisis, and one that demands immediate action, but the legislative response so far has been a tepid tinkering around the edges rather than a complete re-examination of the issues and a forceful legislative response that can make a difference. . .
For example, during the 2021 session there was minor legislation attempting to deal with one of the biggest cost drivers for insurance companies: increased cap claims, but these were only minor adjustments, not fundamental changes.
And yet, nothing substantial regarding insurance reform was originally planned for the next special session until St. Petersburg Sen. Jeff Brandes led the charge and began rallying support from other lawmakers to add the item on the agenda of the session. This effort has now received at least nominal support from Governor Ron DeSantis, and it looks like it could very well be part of the session.