Personal Insurance Federation of Florida Urges Lawmakers to Restore Balance
The Florida Senate Rules Committee today passed a bill that addresses litigation cost drivers in the property insurance market and helps restore balance to Florida’s civil justice system. Senate Bill 76 on Residential Property Insurance will now head to the Senate floor.
Sponsored by Sen. Jim Boyd, R-Bradenton, and co-introduced by Sen. Jeff Brandes, R-St. Petersburg, Senate Bill 76 includes provisions that are designed to reduce the cost of property insurance lawsuits by targeting excessive attorney fees, which incentivize lawsuits and increase property insurance costs. The bill also addresses roof damage claims in which neighborhoods are often canvassed and homeowners are solicited to file claims for repairs.
The Personal Insurance Federation of Florida (PIFF) applauded reform efforts amid an insurance crisis driven by increasing litigation and reinsurance costs.
“We are facing a litigation crisis in Florida,” said Michael Carlson, president and CEO of PIFF. “It’s the consumers who get hit with higher insurance rates at the end of the day when insurance companies have to compensate for litigation factories who drum up lawsuits to win big attorney fee payouts. We’re thankful to Senator Boyd and the Senate Rules Committee for getting this bill close to the finish line, and we hope the House companion will include important consumer protections in the end.”
PIFF is a member of the Consumer Protection Coalition, a group advocating for sound public policy that puts consumers first.
The Personal Insurance Federation of Florida, Inc. (PIFF), is a leading voice for the personal lines property and casualty insurance industry in Florida. PIFF represents national insurance carriers and their subsidiaries, including many of the state’s top writers of private passenger auto and homeowners multiperil insurance. Together, PIFF members write more than $13 billion in premium in the state. PIFF advocates for a healthy and competitive insurance marketplace for the benefit of Florida consumers. Visit PIFF.net to learn more.