Legislators to address property insurance, tax relief, financial assistance in special session next week - WJXT News4JAX

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JACKSONVILLE, Fla. – The Florida Legislature volition clasp a peculiar league connected Monday to tackle the spot security issues successful the state.

State officials could instrumentality immoderate large steps successful stabilizing the security marketplace pursuing this session. However, it isn’t an casual occupation to fix, particularly since 2 hurricanes deed the authorities and caused important damage.

Local residents person explained their spot security rates person skyrocketed

“My spot security went up 30%,” 1 News4JAX scholar commented.

Another said their security doubled successful 2021.

With the session, lawmakers program to code reducing litigation costs, fostering reinsurance, improving claims, expanding oversight of spot security marketplace participants and more. The league volition besides sermon taxation alleviation and fiscal assistance for Hurricane Ian and Hurricane Nicole-related damages.

Lawmakers volition besides look to make a statewide toll recognition programme for predominant Florida drivers arsenic well.

A peculiar league was held backmost successful May to effort to code the security market, but not overmuch was accomplished.

Even aft adjacent week’s peculiar session, it’s apt residents won’t spot contiguous relief.

The Office of Insurance Regulations established a impermanent marketplace stabilization statement successful July done Citizens Property Insurance oregon Citizens.

As of September, Citizen, which is simply a state-created insurer, had implicit a cardinal policies.

News4JAX besides learned that policies nether United Property and Casualty Insurance volition beryllium canceled by May 2023, making them the seventh institution to permission the state, which could propulsion their policyholders to Citizens.

The proclamation says it volition effort to amended the fiscal stableness of Citizens, trim assessments with the company, and foster a modulation of Citizens’ policies to the backstage spot security market.