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HomeInsuranceDeSantis indicators two payments to handle state's insurance coverage points

DeSantis indicators two payments to handle state’s insurance coverage points

Of the $750 million being supplied beneath the invoice, $350 million will go to help native governments for FEMA Public Help, which allows them to release extra native funds for added hurricane restoration and mitigation initiatives.

One other $150 million will go to the Florida Division of Environmental Safety (DEP) to help native seashore renourishment initiatives and a brand new Hurricane Restoration Reimbursement Grant Program, whereas $100 million will go to the DEP to restore and reconstruct neighborhood stormwater and wastewater infrastructure. Lastly, the remaining $150 million will likely be used to help the Hurricane Housing Program and Rental Restoration Mortgage Program.

Following the particular session final week, the governor additionally signed Senate Invoice 2-A, the Property Insurance coverage invoice. The invoice eliminates one-way legal professional charges for property insurance coverage claims, to disincentivize frivolous lawsuits and finally assist drive down residence insurance coverage prices. It additionally enhances the Workplace of Insurance coverage Rules’ capability to conduct examinations of property insurers following a hurricane to forestall any abuse of the appraisal course of, reduces timelines for insurers at hand out payouts, and commits further funding for non permanent reinsurance help.

SB 2-A has been met with some reward from the insurance coverage trade.

“Insurance coverage fraud and abuse is rampant within the state of Florida, costing householders and insurance coverage carriers billions of {dollars} every year,” stated NICB president and CEO David Glawe in a press release. “We thank the Florida legislature, Florida Chief Monetary Officer Jimmy Patronis and his workplace, in addition to Governor DeSantis for working collectively to stabilize the Florida property insurance coverage market and handle the decades-long fraud and abuse that has plagued the state.”

Nonetheless, some have expressed issues that SB 2-A may do extra hurt than assist.

“Floridians are shedding but once more,” stated Florida Home Democratic Chief Fentrice Driskell of Tampa, as reported by Florida Politics. “I fear for our neighbors on mounted incomes. How many individuals are going to lose their properties earlier than this ‘trickle down’ plan affords any aid? I’m frightened about Florida’s retirees. This invoice undoubtedly wasn’t written to assist them.”


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