Mike Caruso, a state representative for Florida’s District 87, expressed concerns regarding HB 1551, stating that it would increase insurance costs, reverse progress in rate stabilization, and lead to more litigation for Floridians. He made these remarks on X on March 28.
“This is a bill that per the bill analysis itself ‘will increase insurance costs for Floridians,” said Caruso. “Floridians deserve better than higher premiums and more litigation. I won’t sell out our state to special interests.”
The Florida Senate has reported changes in the state’s property insurance market following legislative reforms enacted in 2022 and 2023. These reforms aimed to reduce litigation and attract new insurers by adjusting attorney fee structures and pre-suit notice requirements. HB 1551 proposes further modifications to existing statutes concerning attorney fee awards in insurance disputes, including provisions allowing the prevailing party to recover fees.
According to Florida Realtors, the legislative reforms have led to signs of stabilization in Florida’s property insurance market. The Insurance Information Institute noted a significant decline in claims-related litigation and a slowdown in premium growth over the past two years. In 2024, 11 new property insurers entered the Florida market, while Citizens Property Insurance Corporation reduced its policy count by nearly 40%, indicating increased participation from private insurers.
Insuring Florida reported that despite these developments, Florida’s homeowners insurance market continues to face rising premiums due to inflation, increased rebuilding costs, and ongoing storm risk exposure. Several insurers have exited the market or reduced their underwriting footprint, resulting in fewer options and greater market concentration. Amid this environment, HB 1551 is being introduced with proposed changes to attorney fee provisions in insurance disputes that could impact insurer operations and cost structures.
Caruso was first elected to the Florida legislature in 2018 to represent the former District 89. He holds a Bachelor of Business Administration degree in Accounting from George Washington University and is a certified public accountant with experience in financial services. Caruso resides in Delray Beach, Florida, and has served on legislative committees focused on issues such as insurance, appropriations, and government operations.
