News & Updates

residential property insurance

Lawsuits Target Special Session Reforms

Lawsuits Target Special Session Reforms

In late May, the Florida legislature passed several measures intended to address continuing concerns with Florida’s residential property insurance market.  Lawmakers commented that the new laws will not provide quick fixes; instead, the benefits might take 12-18 months to materialize. Unfortunately, this estimate might prove to be optimistic as two lawsuits have been filed challenging […]

Continue Reading →

Florida Market Needs Lasting Reform

Florida Market Needs Lasting Reform

The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums.  As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]

Continue Reading →

OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77).  Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements.  The new […]

Continue Reading →

Window Closing on 2021 Session

Window Closing on 2021 Session

The 2021 legislative session is entering its final week, barring an extension.  As usual, key insurance legislation remains unresolved in the session’s final days. The session began two short months ago with Insurance Commissioner David Altmaier and Citizens Property Insurance Corporation CEO Barry Gilway discussing problems plaguing Florida’s residential property insurance market.  Commissioner Altmaier later […]

Continue Reading →

July Marks Effective Date for Statutory Changes

July Marks Effective Date for Statutory Changes

Bills passed by the Florida legislature specify when their provisions take effect, either upon the bills’ becoming law or upon a specific date.  For insurance-related legislation, the legislature often establishes July 1 as the effective date.  This is the case with several bills passed during 2015.  Insurers therefore should consider the impact of 2015 legislation […]

Continue Reading →

Storm Free Years Bolster FHCF

Storm Free Years Bolster FHCF

As with other aspects of the Florida residential property insurance market, the Florida Hurricane Catastrophe Fund (FHCF) continues to benefit from the recent run of hurricane-free years.  Not only does the FHCF anticipate that it can fully meet is statutory limit of $17 billion in single-season capacity, most of the the FHCF’s current single-season capacity […]

Continue Reading →

Bill Would Simplify Residential Notice Requirement

Bill Would Simplify Residential Notice Requirement

House Bill 165 has passed both chambers of the legislature and will be presented to Governor Scott.  The bill addresses a variety of topics related mainly to property and casualty insurance.  Among these provisions, the bill would simplify the notice requirement applicable to residential property and casualty insurance.  The bill establishes a uniform 120-day period […]

Continue Reading →