The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its assistant vice president of state government relations Logan McFaddin, regarding the passage of Senate Bill 76 (Residential Property Insurance) by the Senate Judiciary Committee.
“APCIA fully supports the reforms contained in Senate Bill 76 as a way to help address some of the challenges facing Florida’s property insurance market and rein in abuses in the system that may contribute to higher costs for consumers.
“Many homeowners across the state are seeing significant increases in insurance costs as Florida property insurers face billions in recent losses from natural disasters and out of control litigation costs. Senate Bill 76 will help alleviate some key pressure points in the insurance market by significantly reducing excessive attorney fee awards, adjusting the claims filing deadline to within two years of a loss, and addressing widespread abuses in the roofing industry.
“APCIA applauds Senator Jim Boyd for sponsoring the bill and the Senate Judiciary Committee for advancing the legislation.”
Senate Bill 76 has already passed the Senate Banking and Insurance Committee and is now in a posture to be taken up by the Senate Committee on Rules, its final committee of reference.
The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions—protecting families, communities, and businesses in the U.S. and across the globe.