Florida Approves Property Insurance Reform

Homeowners’ insurers in Florida are breathing a sigh of relief after succeeding in a months-long battle to obtain property insurance reforms designed to reduce costs and stabilize the market. After watching state lawmakers refuse to rewrite the state’s no-fault automobile injury law and leave by the wayside a plan to revamp the state-run property insurer Citizens Property Insurance Corp., the industry found itself in the last week of the session betting all of its chips on the property bill, hoping that the “most business friendly” legislature in decades would finally deliver.