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State lawmakers approve new property insurance package

Florida Special Session Insurance
Posted at 7:45 AM, May 26, 2022
and last updated 2022-06-07 09:40:53-04

LEE COUNTY, Fla. — State lawmakers signed off on a $2 billion property insurance reform with hopes of easing the ongoing crisis.

The insurance industry has had two years of underwriting losses exceeding $1 billion each year.

And the bill will forbid insurers from automatically denying coverage because of a roof's age, if the roof is less than 15 year old.

This will allow homeowners with roofs 15 years or older to get inspected before insurers deny them coverage.

Another part of the insurance package allows homeowners who qualify, to apply for up to $10,000 each, to better protect their homes from hurricane damage.

To qualify, properties must be constructed before 2008, must be homesteaded, and located in areas where wind speeds from storms can exceed 140 miles per hour.

The changes are headed to the governor's desk.