Insurance ideas would reduce high costs for Floridians, Democratic senators say

"New rules for insurance company owners that are now out of state regulators' reach. An emergency relief fund to help low-income homeowners pay for insurance. A national risk pool to spread insurance costs across several states. Those are some of the ideas - some new, some brought back - that Florida's Democratic senators are pushing to ease the high costs of property insurance costs for homeowners and renters in the state."

"Berman said she is sponsoring a bill, SB 84, that would create an Insurance Solutions Advisory Council to "bring together stakeholders to make recommendations on how to lower rates." The bill, sponsored by Berman but not advanced in the 2024 and 2025 sessions, would be similar to a 2008 plan that led to successful measures, she said. The council would develop an annual report and submit suggestions to the governor and Legislature."

Only 11 of 40 state Senate seats are currently held by Democrats. Nine of those senators held a news conference in Tallahassee to outline bills each is sponsoring or plans to sponsor during the legislative session beginning Jan. 13. Proposals include new rules for insurance company owners currently beyond state regulators' reach, an emergency relief fund for low-income homeowners to pay insurance, and a national risk pool to spread costs across states. SB 84 would create an Insurance Solutions Advisory Council to bring stakeholders together and recommend rate-lowering measures. SB 30 would empower the insurance consumer advocate to issue subpoenas, compel testimony, and limit rate hikes above 10%.

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