Florida Senate passes property insurance package

Florida Capitol

TALLAHASSEE, Fla. – The Florida Senate has approved a sweeping legislative package meant to combat rising property insurance rates and other problems in the state’s turbulent insurance market, creating a $2 billion reinsurance fund and writing new rules around coverage denials and attorney fees.

The Republican-controlled Senate approved the legislation after hours of debate. The proposals now await House approval, which is expected Wednesday.

Legislative leaders on Tuesday also reached an agreement to include in the package a measure to require that all condominiums higher than three stories statewide have periodic inspections of their structural integrity, a proposal that came in response to the Surfside building collapse that killed 98 people nearly a year ago.