Florida homeowners will pay more with property insurance legislation

TALLAHASSEE – A property insurance overhaul certain to raise premium costs for many Floridians in coming months, along with tax rebates for residents hit hard by this fall’s hurricanes, were signed into law Friday by Gov. Ron DeSantis.

The Republican-controlled Legislature approved the package earlier in the week during a three-day special session called to try to stabilize the insurance industry in Florida.

More than a dozen companies have stopped writing policies in the past two years, including seven that have gone out of business. Floridians are paying triple the average national cost for insurance.

DeSantis went to Fort Myers Beach, battered by September’s Hurricane Ian, to sign the legislation. He tried to frame the measure as not just propping up insurers at the expense of homeowners.

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