Florida legislative leaders call special session on property insurance, hurricane preparedness

Florida legislative leaders have announced plans for a special session to address the state's troubled property insurance market and strengthen hurricane resilience measures before peak storm season arrives.

The special session will focus on stabilizing property insurance and improving building and flood-resilience standards, according to legislative leaders. The announcement comes as Florida continues to grapple with an insurance crisis that has left many homeowners struggling to find affordable coverage.

Proposals under consideration include incentives for homeowners to make mitigation upgrades to their properties, stricter reinsurance requirements for insurers operating in the state, and additional funding for Citizens Property Insurance Corp., the state-backed insurer of last resort.

Citizens Property Insurance has grown significantly in recent years as private insurers have scaled back operations or left the Florida market entirely. The state-run insurer has become a key provider for hundreds of thousands of Floridians unable to obtain coverage in the private market.

The special session represents the latest effort by state leaders to address property insurance challenges that have persisted despite previous legislative interventions. Florida has experienced multiple insurer insolvencies in recent years, driving up costs for homeowners and creating uncertainty in the real estate market.

The focus on hurricane resilience comes as forecasters prepare for another Atlantic hurricane season. Strengthening building codes and flood standards could help reduce property damage from future storms and potentially lower insurance costs over time.

The timing of the special session was not specified in the announcement from legislative leaders. Special sessions are typically shorter and more focused than regular legislative sessions, addressing specific urgent issues that cannot wait for the next regular session.

Gov. Ron DeSantis has been active in signing legislation this year, having signed more than 100 measures so far in 2024. Recent legislation includes a bill to substantially increase the homestead property tax exemption starting in 2027 and 2028.

The property insurance crisis has become one of the most pressing economic issues facing Florida residents, with premiums rising sharply and coverage becoming harder to obtain. The state's exposure to hurricanes and other natural disasters has made it a challenging market for insurers, leading to calls for comprehensive policy solutions.

Legislative leaders did not provide details on specific bill language or expected votes, though the announcement signals that addressing the insurance market remains a top priority for state government.