Relief for Florida Homeowners Facing Skyrocketing Insurance Premiums Remains a Priority, Especially in the Wake of Hurricane Ian

Senator Jim Boyd:

In the wake of Hurricane Ian, many Floridians are picking up the pieces. Lives were lost,
and homes were destroyed. Others suffered significant damage to their property. We
have a lot of work to do. But I know that Floridians are strong and resilient, and we will
come back better than ever.
As homeowners survey the damage, many will be filing claims with their property
insurers.
Earlier this year, we recognized that many Floridians were feeling intense financial
burdens as a result of skyrocketing insurance premiums. The insurance market is
complex, and predators seek to take advantage of the system, resulting in higher
premiums for policy holders. Bad actors have capitalized on assignment of benefits.
They have filed false claims on replacement roofs. Greedy lawyers have lined their
pockets with Floridians’ hard-earned money through frivolous lawsuits.
Under the leadership of Governor Ron DeSantis, Senate President Wilton Simpson and
House Speaker Chris Sprowls, we convened a special session to enact meaningful
reforms that would help homeowners access insurance and protect them from harm.
During the special session, I sponsored Senate Bill 2D to alleviate the rising costs of
insurance, increase transparency in claims and crack down on frivolous lawsuits. In
addition, this legislation provided $2 billion in reinsurance relief and $150 million to help
residents strengthen their homes against hurricane damage. Senate Bill 2D passed with
overwhelming, bipartisan support in both chambers of the Legislature. It was signed into
law by the Governor on May 26.
While I am confident the reforms implemented his year will prevent fraud and ease
pressures on the market, we face new challenges.
Hurricane Ian left so much destruction in its wake. Fortunately, the federal and state
government, along with the generous support of nonprofit organizations, will provide
much-needed relief and support as we respond, recover and rebuild.
Still, the high volume of claims on substantive damage to homes across the state will
have a serious impact on Florida’s property insurance market.

As your State Senator, I am committed to serve. We will help Florida residents and
communities rebuild. And we will work toward solutions that help Floridians access the
property insurance they need to properly protect their homes.