Senator Barbara Sharief (D- Miramar) and Representative Daryl Campbell (D- Fort Lauderdale) have filed legislation to protect Florida homeowners from rising insurance costs. SB 1222 and HB 957 would ensure that rate increases on homeowners insurance would not exceed certain percent thresholds over the last rate approved by the Office of Insurance Regulation within the past year.
“Hardworking Floridians want an answer to the insurance crisis and our plan is to alleviate some of the burden on homeowners,” said Senator Sharief in a press release.
In the last few years, property insurance rates have skyrocketed by over 200%. A recent article from the Miami Herald pulled back the curtain, revealing how some insurance companies were manipulating financial data to increase their profits and skirting state laws.
“We need to do everything we can to deliver immediate relief to Floridians. We might not have a state income tax, but current exorbitant property insurance rates are acting as a de facto tax on Florida’s families and seniors,” said Representative Campbell in a press release. “This would be a powerful tool to address the property insurance crisis that has put a prosperous future out of reach for far too many.”
This is a Hy-Lo News Staff Report.
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