A new bill proposed in Florida aims to provide homeowners with an additional insurance option to cover only the unpaid amount of their mortgage in the event of a natural disaster or other catastrophic event. The bill, which was introduced by State Representative Tom Leek, would require insurance companies to offer policies that cover the difference between the outstanding mortgage balance and the actual value of the damaged property. This would provide homeowners with additional financial protection and help them avoid the financial burden of paying off their mortgage in full after a disaster.
The proposed bill is seen as a response to the challenges faced by homeowners in Florida, who are particularly vulnerable to natural disasters such as hurricanes and floods. According to a recent report by the Insurance Information Institute, Florida has the highest number of insured homes in the country, with over 60% of homes having some form of insurance coverage.
Ahead of Florida’s 2024 legislative session that begins Jan. 9, at least a dozen bills have been filed that could have an impact on the state’s insureds and insurers. It’s a sign that lawmakers are under renewed pressure to take further steps to reduce still-rising property ...
The proposed bill is seen as a response to the challenges faced by homeowners in Florida, who are particularly vulnerable to natural disasters such as hurricanes and floods. According to a recent report by the Insurance Information Institute, Florida has the highest number of insured homes in the country, with over 60% of homes having some form of insurance coverage.
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