Florida lawmakers discussing homeowners insurance during special session

Published: December 6, 2022 7:51 PM EST
Updated: December 7, 2022 7:44 AM EST

The damage and destruction from Hurricane Ian will go down as one of the costliest natural disasters in history.

Additionally, many homeowners insurance is on life support, but lawmakers promise to address that in a special session next week.

Reliable and affordable are understandably two words you may not think of when it comes to property insurance.

Many people in Southwest Florida actually received cancellations or non-renewals before the storm even hit in late Sept.

Then, in November, Nicole followed behind Ian. While smaller than Ian, the dollar signs keep adding up for the insurance companies and the costs to repair or rebuild.

Florida lawmakers will hold a property insurance special session to consider legislation in part to improve the claims handling process, increase oversight, improve the financial stability of citizens, which is the insurer of last resort, and provide tax relief and other financial assistance related to damages from Ian and Nicole.

Six private insurance companies left Florida in 2022, while more are teetering on the edge.

And property insurance is expected to be a big issue in the regular session coming up in March 2023.