Bloomberg Law
Dec. 14, 2022, 9:20 PM

Florida Lawmakers Pass Bill to Tame Soaring Insurance Costs (2)

Max Reyes
Max Reyes
Bloomberg News

Florida’s legislature passed a bill that would create a state-backed reinsurance fund and attempt to ease litigation costs that have pushed a homeowners-insurance market already contending with monstrous storms toward the brink.

The bill passed in the Florida House of Representatives by a vote of 84 to 33 Wednesday afternoon after the Senate approved the legislation Tuesday, according to the Florida Senate’s website. The votes took place during a special session called by Governor Ron DeSantis in part to address the impact of Hurricane Ian on an insurance market that was already stumbling.

Larger insurers have spent years reducing ...

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