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Senate passes Jim Boyd-proposed property insurance reform Image via Pixabay The Florida Senate signed off on a major reform to Florida’s insurance regulations Wednesday. The Senate approved the measure ( SB 76) in a 27-13 floor vote. The bill would eliminate attorney multiplier fees and allow for roofing policies that cover a fraction of repair costs. “We have to give homeowners certainty they won’t be crushed when they open their envelopes and get renewal rates next year,” said Sen. Jim Boyd, a Bradenton Republican and the bill’s sponsor. Boyd said the legislation addresses a growing crisis for insurance carriers in Florida. As domestic carriers face industry losses, renewal rates on homeowners’ policies are rising. The bill also allows roofing policies to allow a depreciated payout instead of full replacement cost for roofs more than 10 years old.

United statesJim boydJeff brandesBob rommelTina polskyDarryl rousonFlorida senateSenate democratic leader gary farmerCommerce committeeBradenton republicanDemocratic leader gary farmerCitizens propertyHurricane michaelPinellas republicanSpecial sessionNaples republican