DeSantis signs property and condo insurance reforms into law
Governor Ron DeSantis on Thursday approved two bills that the Florida Legislature drafted in its special session this week.
DeSantis signed legislation sweeping property insurance legislation that creates a $2 billion reinsurance fund and rewrites rules on denial of coverage and attorney fees in a bid to stabilize rising costs and insurer losses.
He also signed into law a measure that will require statewide recertification of condominiums taller than three stories.
DeSantis announced the signing of the bill Thursday in a statement that called the package “the most significant reforms to the Florida home insurance market in a generation.”
DeSantis signed the bill in response to the Surfside building collapse that killed 98 people.
Recertification will be required after 30 years, or 25 years if the vessel is within 3 miles (5 kilometers) of the coast, and every 10 years thereafter. The Champlain Towers South was 40 years old and going through the 40-year recertification process required by Miami-Dade County when it collapsed last June.
The governor’s signing came the day after the bill passed the House unanimously in a special session originally called to deal with skyrocketing property insurance rates.
The signings mark the end of a special insurance legislative session where lawmakers in the GOP-controlled statehouse approved broad measures in three days, with little public input or expert analysis. .
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