SB 1672 – relating to Property Insurance
On Monday, April 21st, SB 1672, relating to Property Insurance, by the Senate Committee on Banking and Insurance passed the Senate Committee on Rules by an 11-1 vote. AIF stood in support of the bill during the committee. The bill now heads to the Senate floor.
The bill addresses several aspects of Citizens eligibility for commercial residential multi-peril policies, allows surplus lines insurers to make offers of coverage in the Citizens Clearinghouse, and increases the mandatory residential property insurance deductible offering for non-hurricane losses to $1,000 from $500. During Monday’s committee, amendments were adopted to restrict the ability of public adjusters to choose the contractors who will repair a property and prohibit mitigation inspectors from paying agents to get referrals.
AIF supports common sense reforms to depopulate Citizens in a continuing effort to reduce assessments on all insurance policyholders. AIF also supports reducing fraud in the property insurance marketplace, which helps control insurance costs for businesses and homeowners alike.
