HomeHome InsuranceAchieving economic equilibrium in the property insurance marketplace – InsuranceNewsNet

Achieving economic equilibrium in the property insurance marketplace – InsuranceNewsNet


The new bill that passed on Dec. 14, 2022, now makes all claimants to either pay for attorney fees and associated costs upfront out of pocket, PFS (proposal for settlement), or claimants pay attorney fees and associated cost out of the awarded amount to fix their home once they win the litigation.

For example, if your wind damage caused $20,000 worth of damage and you hire an attorney to litigate your claim because it was previously denied or severely discounted, your attorney fees would be paid out of the $20,000 if you win.

Another component of the bill I could not support was the requirement of all Citizen Insurance policy holders (including those who don’t live in a flood zone) to purchase flood insurance by 2027.

We will go into the 2023 session filing bills and amendments to continue to work on the property insurance market instability with bipartisan efforts. Even though we provided the insurance industry with $1 billion, I would like for us to consider providing funds that are tied to a temporary property insurance rate freeze or reduction so that consumers can have immediate relief.

Gallop Franklin II is a member of the Florida House of Representatives representing District 8.

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Gallop Franklin II

Guest columnist

Even though we provided the insurance industry with $1 billion, I would like for us to consider providing funds that are tied to a temporary property insurance rate freeze or reduction so that consumers can have immediate relief.





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