JACKSONVILLE, Fla. – Gov. Ron DeSantis on Thursday signed legislation implementing property insurance reforms in Florida, designed to provide both short- and long-term relief to homeowners battling insurance costs.
Additionally, DeSantis signed legislation that modifies structural inspection and financial reserve requirements for condominium associations.
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“This package represents the most significant reforms to Florida’s homeowners insurance market in a generation,” DeSantis said in a prepared statement. “These bills will help stabilize a problematic market, help Floridians harden their homes through the My Safe Florida Home Program, and pave the way for more choices for homeowners.”
The Florida House of Representatives gave final passage to sweeping property insurance legislation Wednesday. The measure creates a $2 billion reinsurance fund and rewrites rules on coverage denials and attorney fees.
It comes as lawmakers attempt to stabilize rising rates and other issues in the state’s market.
The bipartisan vote Wednesday in the House capped a special legislative session in which lawmakers approved the broad insurance proposals in three days with little expert analysis in public. Still, many lawmakers said the measures represented a meaningful way to begin to solve problems in the market, with more work to be done in the future.