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Florida legislature to tackle property insurance during special session

FSU professor speaks on potential impact of special session
Posted at 2:20 PM, Dec 12, 2022

TALLAHASSEE, Fla. (WTXL) — Monday begins Florida's special session and the big issue on the table is homeowners insurance, which many say has worsened in the state since Ian and Nicole tore through Florida.

An analysis found Floridians are paying an average of $4,231 per year on property insurance.

That's almost triple the U.S. average of just over $1,500.

It is pricing potential homeowners out of the housing market.

Floridians aren't the only ones facing losses as property insurance also took at hit.

When Hurricane Ian hit Florida, the insurance industry lost an estimated $10 billion.

Before 2022's hurricane season even began, Florida was losing insurance companies to insolvency causing homeowners to lose coverage.

Associate Professor of Risk Management & Insurance at Florida State University Chuck Nyce told ABC 27 if this special session makes any decisions on the insurance market, it could take up to 18 to 24 months to see that change.

"These effects are not going to be immediate. Our private insurance market has been in a state of crisis for about a year and a half. The steps are designed to stop the crisis," Nyce said.

Nice adds that flood insurance could be required in the future even if you're not living in a flood zone. If that happens it would slowly be phased in from now until 2027.

This new session could focus on passing legislation that strengthens the insurance market and lowers premiums, according to reports.