Fix proposed to reduce home insurance premiums

• The Sentinel reported that the typical Florida home costs about $6,000 to insure — three times the national average, according to the Insurance Information Institute.

What's inside: The plan, outlined in a bill Moskowitz filed last May, aims to lower the amount of reinsurance that insurers have to buy.

• Currently, insurers need enough coverage to be ready for a once-in-a-130-year storm. The legislation would lower that to a once-in-a-50-year storm.
• If such a storm occurred, the federal government would cover the excess damage and Florida would pay the feds back with a special assessment on homeowners, the Sentinel reports.
• Geller said since once-in-a-50-year storms are rare, that kind of assessment wouldn't happen often.

Reality check: The bill hasn't moved in Congress at all and has no Senate counterpart.

Flashback: The Florida Legislature passed reforms in 2022 to make it more expensive to sue insurance companies, a factor in high insurance rates, the Sentinel previously reported.