Senators say ideas would reduce cost of insurance

New rules for insurance company owners that are now out of state regulators’ reach. An emergency relief fund to help low-income homeowners pay for insurance. A national risk pool to spread insurance costs across several states.

Those are some of the ideas—some new, some brought back—that Florida’s Democratic senators are pushing to ease the high costs of property insurance costs for homeowners and renters in the state.

Only 11 of 40 state Senate seats are currently held by Democrats. On Wednesday, nine of the 11 senators held a news conference in Tallahassee to outline bills that each are sponsoring or plan to sponsor during the next legislative session that’s scheduled to begin on Jan. 13.

Sen. Lori Berman, the party’s minority leader from southern Palm Beach County, said the list represented the first part of the party’s “affordability agenda.”

“Over the last decade, as property insurance costs have skyrocketed, the average cost of rent has nearly doubled,” Berman said. “Nearly one million households in Florida are struggling to afford their housing costs and nearly 40%of those households are seniors.” Berman said she is sponsoring a bill, SB 84, that would create an Insurance Solutions Advisory Council to “bring together stakeholders to make recommendations on how to lower rates.” The bill, sponsored by Berman but not advanced in the 2024 and 2025 sessions, would be similar to a 2008 plan that led to successful measures, she said. The council would develop an annual report and submit suggestions to the governor and Legislature. Sen. Barbara Sharief, who represents western Broward County, says her bill, SB 30, would empower the state’s insurance consumer advocate the power to issue subpoenas, compel testimony, and request formal hearings when insurers propose “unreasonable” rate hikes. She said her bill would also prohibit the Florida Office of Insurance Regulators from approving any rate hike above 10%and caps cumulative increases at 15%over 12 months. Sen. Rosalind Osgood, representing part of eastern Broward County, is sponsoring SB 78 that would exempt home-hardening features such as impact-resistant doors, garage doors and windows from sales taxes. A two-year exemption on those materials expired in June 2024. Homes that install windstorm-mitigation features typically see discounts off of their insurance premiums. Sen. Tina Polsky, who works as a mediator while representing the eastern area near the borders of Palm Beach and Broward counties, filed a bill, SB 108, that would require policyholders and insurers with claims disputes to attend mediation prior to litigating. Current law establishes mediation as a voluntary alternative. “Mediation will help alleviate high legal fees and court costs,” Polsky said. “It will result in faster resolutions. It preserves reputations, privacy, and peace. https://enewspaper.sun-sentinel.com/shortcode/SUN315/edition/de8aa49c-d8a5-4867-8411-b6591c0a9ab9?page=0abad3a9-685d-4bc5-b2e4-b5cf62673d77&