DeSantis signs bill seeking to stabilize insurance market

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florida

By BRENDAN FARRINGTON
Associated Press

TALLAHASSEE, Fla. (AP) – Republican Gov. Ron DeSantis has signed a sweeping property insurance bill. How much and when it will work to stabilize the stormy market is another question.

One of the key goals of the legislation signed Friday is to keep the claims process from ending up being settled in courtrooms.

He said the bill “reins in the incentive to litigate.”

Florida has struggled to keep the insurance market healthy since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies.

The new law will create a $1 billion reinsurance fund and create disincentives for frivolous lawsuits.

Read the full story on AP News right here.

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12/16/2022 10:33:13 AM (GMT -6:00)

Categories: Regional and US News