Florida's property insurance market continues to be under the microscope in Tallahassee.
A Senate committee has approved a package of legislation that would create a $2 billion re-insurance fund, place new rules around attorneys' fees, and prohibit coverage denials based on the age of a homeowner's roof. Sen. Jim Boyd (R-Bradenton) said fraud is also a big concern. "Where I think the burden is today is the homeowners' insurance cost going through the roof because of the bad actors in this market who have caused this problem."
However, Boyd admits that his legislation will not bring *immediate* rate relief, but is more geared toward a long-term solution.
The package now heads to the full Senate. The session is expected to continue through the rest of the week.
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