TAMPA, Fla. — Lawmakers are back in Tallahassee on Monday to figure out how they'll bring down the cost of property insurance.
Friday night, legislators filed several bills with hopes to reduce the skyrocketing costs. They will focus on reinsurance policies, requirements to fix or replace your roofs and ongoing litigation.
A proposed bill would create a new reinsurance fund for insurers to buy insurance in hopes that it may protect them from risks, which will be worth $2 billion.
Another could lay out new rules for insurers looking to deny coverage. Another proposal would also limit the money attorneys may collect from claims under some circumstances.
Premiums are up as much as 30 to 60 percent, with some left with no coverage after insurers dropped them. Experts said cost and litigation are two factors causing the problem.
Florida accounts for eight percent of all the property insurance claims, and 76 percent of all the lawsuits in the country. This has forced several insurers to go out of business this year and shrinks the amount of competition.
10 Tampa Bay spoke with lawmakers from both sides of the party aisle and said they agree something must be done.
Homeowner and realtor Kimmie Fine has lived in Florida her whole life. As a third-generation Tampa resident, she's never seen property insurance costs amount to this.
"The last couple of years have been brutal," Fine said.
As a realtor, she was able to get support from connections but said she understands others are in different situations. Thus, they may have to pay more on top of the growing expenses from inflation.
"Especially in my industry. That's a sad thing," Fine said. "We don't want people to have to lose their houses over homeowners insurance."
Fine said she worries about the ongoing impact on Floridians and hopes lawmakers can have a productive special session.