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 signing of Senate Bill 76 (Insurance) by Governor Ron DeSantis.
“APCIA applauds Governor Ron DeSantis for signing Senate Bill 76 to help address some of the challenges in Florida’s property insurance market that contribute to higher costs for consumers. APCIA is hopeful that the reforms in SB 76 to reduce excessive attorney fee awards will help alleviate some key pressure points in the property insurance market.
“Homeowners across the state are facing a steep rise in insurance costs as property insurers face billions in recent losses from natural disasters and out of control litigation costs. Lawsuit abuse is a significant cost driver in Florida’s property insurance market. The Florida Insurance Commissioner recently reported that while the state accounts for only eight percent of all homeowners’ insurance claims in the U.S., it has 76 percent of the homeowners’ insurance lawsuits. SB 76 is a positive step in the right direction, but Florida lawmakers may need to consider additional reforms to address a crisis of this magnitude.
“APCIA appreciates the hard work of the Florida Legislature, especially Senators Jim Boyd and Jeff Brandes and Representative Bob Rommel, in passing SB 76 and Governor DeSantis for his leadership in signing the bill to help protect consumers from rising property insurance costs.”
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.