Florida lawmakers have introduced a series of bills to address the state’s insurance crisis, which is characterized by rising homeowner premiums, insurer insolvency, and a lack of transparency. The proposed legislation includes Senate Bill 1740, which would require insurers to maintain additional reserves and prevent failed insurance company executives from taking leadership roles. Another bill, SJR 1190, aims to freeze property taxes for homeowners who take resiliency measures, pending voter approval.
In addition, Senate Bill 1466 seeks to fund the My Safe Florida Home program by allocating a portion of sales taxes in hurricane-affected counties, while SB 1468 proposes a tax exemption for impact-resistant windows and doors. Transparency within the industry is the focus of Senate Bill 1656 and House Bill 1429, which require insurers to provide detailed reports on various costs.
Lawmakers are also considering SB 554, which would mandate the reporting of executive compensation and financial relationships within the insurance industry. Governor Ron DeSantis has acknowledged the challenges faced by the insurance market but highlighted data showing improvements in homeowners’ premium increases and market stabilization.
As the legislative session continues, lawmakers will refine and debate these proposals to address the state’s insurance crisis. If passed, the constitutional amendment on property tax freezes will be presented to voters in 2026. The proposed bills aim to bring transparency, stability, and affordability to Florida’s insurance industry.
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