Tuesday, January 31, 2023

The new home insurance law has come into effect from January 1

miami.- When the new year starts, from then the new laws will come into force Florida, And one of them that generates the most expectations is related to safe From Property, Committed to reforming that battered sector, its bankruptcy problems and high costs.

This regulation creates the Florida Alternative Reinsurance Assistance Program, or FORA, a $1,000 million endowment fund that will serve as a ‘cushion’ of financial protection to protect insurers in the event of disasters like hurricanes.

It also reduces the cost of litigation and requires customers of state insurer citizens to carry additional flood coverage and even accepts offers of insurance whose value does not exceed 20%.

The new law, which was adopted by the state Congress in special session and approved by Governor Ron DeSantis, eliminates the obligation to pay attorneys who win cases and state supervision of insurers after a hurricane has passed. Let’s increase

The law had been approved only a few days earlier and the changes it brought were approved primarily because of high insurance prices, an inadequate supply of insurers, and recent storms that caused millions in damage.

In response, insurance companies are raising their rates and customers basically have nowhere to look, so lawmakers met in special session to pass the rule that DeSantis later supported.

The new law also speeds up the claims process, which will now have to be filed within one year instead of two. In the same way, it expedites the process of payment or rejection of claim within a period of 60 days. Till now this period is 90 days.

Republican state Sen. Jim Boyd, the bill’s sponsor, said, “As these reforms take place and work their way through the rate-setting process, I’m very confident that it will lower your costs.”

The home insurance market in Florida has faced a number of problems in recent years, stemming from financial problems and increased rates for companies in the area.

Recent storms and hurricanes, as well as fraudulent claims that manage to materialize due to a lack of better controls, have added to the woes faced by populations in the Sunshine State.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news