Citizens Property Insurance

Floridians are bracing for additional rate hikes as they are already paying higher monthly payments than homeowners in other states.

A 14.2 percent increase this year would require the approval of the Office of Insurance Regulation before it could take effect.

The policy will force homeowners to also buy flood insurance — even if their homes aren’t in designated flood zones.

We also talk with the mayor of Sarasota about the future of his growing city in 2023 and beyond.

After Florida lawmakers made changes in the insurance system that he described as “historic,” Citizens Property Insurance Corp. President and CEO Barry Gilway said Thursday he will retire. That will lead to transitions at two of the most-important parts of the Florida insurance industry.

In addition to the insurance bill passed by the state legislature during its special session, DeSantis also signed a bill to provide property tax rebates to people whose homes were left uninhabitable by Ian.

They include a provision that seeks to temporarily help insurers obtain adequate reinsurance and a phased-in requirement for Citizens customers to buy flood insurance.

A Republican-authored bill seeking a $1 billion reinsurance fund, reduced litigation costs and to force some customers to leave a state-created insurer passed the Florida House. It now goes to Gov. Ron DeSantis.

The Republican proposal passed Tuesday comes during the GOP-led Legislature’s second special session this year aimed at stabilizing the property insurance market. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer.

Republican lawmakers say that Florida would become the 40th state in the nation to no longer allow "one-way attorney's fees" if the measure becomes law. Several trial attorneys say that it would block consumers' access to the courts.

The proposal would create a $1 billion reinsurance fund. Lawmakers will also consider property tax relief for Hurricane Ian victims and highway toll reductions for frequent commuters.

The session comes as Florida's property insurance market has dealt with billions of dollars in losses, rising prices for consumers and insurer insolvencies.