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15 December 2022
S.; deleting the right to attorney fees payable by insurers in the alternative procedure for resolution of disputed sinkhole insurance claims; conforming a provision to changes made by the act; amending s. [...] The storm that the Florida Legislature and insurance and reinsurance companies across the state need to be fearful of is the cataclysmic combination of “Hurricane Litigation” and “Tropical Storm Fed.” 1212 New York Ave. [...] “Hurricane Litigation” has decimated the homeowners’ insurance industry, where homeowners hold 9 percent of the nation’s policies, yet account for 79 percent of the litigation claims in the nation.2 Arguments will be made this week that this is due to greed and unfair practices of the insurance industry. [...] But this is an impossible idea to defend when only 8 percent of litigation awards go into the pocket of homeowners, with the rest being raked in by lawyers across the state to the tune of $51 billion over the past 10 years.3 Additionally, the state of Florida had the highest percentage of lawsuits opened compared to claims closed without payment in 2019 at 28 percent. [...] We at the R Street Institute intend to support legislation which broadens the private market, increases access to insurance for homeowners and allows the state of Florida to continue to flourish.