Citizens Property Insurance

Sen. Jeff Brandes, R-St. Petersburg, compared conditions in the industry to having “Stage 4 cancer and failing” but that the proposals were like treating “Stage 1 cancer.”

Property insurance rates are skyrocketing and Florida lawmakers promise action.

Homeowners are paying more for less coverage as insurance companies ditch customers. Others have gone out of business.

DeSantis indicated the insurance session, which he is targeting for May, would try to “bring some sanity and stabilize and have a functioning market.”

The session would address rising property insurance rates — which Sen. Jeff Brandes claims are “out of control.” Gov. DeSantis voiced his support.

With lawmakers scheduled to return to Tallahassee on April 19 for a brief special session on congressional redistricting, Brandes announced Wednesday he would undertake the polling process to hold a special session on insurance if House Speaker Chris Sprowls, R-Palm Harbor, and Senate President Wilton Simpson, R-Trilby, failed to do so.

In a letter Wednesday to Senate President Wilton Simpson, R-Trilby, and House Speaker Chris Sprowls, R-Palm Harbor, Brandes said “Floridians are suffering from skyrocketing rate increases” and that he might use a provision in state law to try to spur a special session.

The requested 11% increase aims to reduce the gap between the rates of Citizens and private insurers.

The Florida Department of Financial Services will liquidate the Orlando-based St. Johns Insurance Co. and is seeking court approval of a “transition plan” that would move policies to Slide Insurance Co.

The bill is aimed at reducing the number of Citizens policies, thus making it easier for private companies to come into the state.

The rates would increase by 11% if its request is approved by the state Office of Insurance Regulation.

Citizens was originally created as an insurer of last resort, but it has seen huge growth since mid-2020 as private insurers have raised rates and reduced policies to try to stem financial losses.