The property insurance bill heard and passed within days of being filed during the second Special Session this year to address the rising costs of property insurance crippling the majority of Floridians across this state, will fall woefully short of immediate relief the people are demanding. The bill deals with numerous issues within property insurance including removing the ability of policy holders to assign benefits to a third party, placing financial barriers to the ability of policy holders to be represented in court or in arbitration if an insurance company fails to follow the policy and requiring Citizen Insurance policy holder to also carry Flood Insurance, even if the home is not in
a flood zone.
“None of these provisions provide the relief so many in my District have spoken to me about.” said Senator Osgood shortly after the bill passed. “I fought to amend the bill to include that would create financial relief for those residents that went through a First Time Homebuyer Program and purchased their home knowing at the time they could afford the monthly mortgage payment that includes their property insurance premium. Many of those individuals will now face foreclosure and homelessness due to no longer being able to keep up with the rising costs of their homeowners insurance, not because they can’t afford their actual mortgage. This bill offers no immediate relief for Floridians.”
