APCIA Applauds Illinois Senate Banking & Insurance Committee for Passing Senate Bill 76

CHICAGO, Illinois, Feb. 3 -- The American Property Casualty Insurance Association issued the following statement on Feb. 2, 2021:

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The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its assistant vice president of state government relations Logan McFaddin, regarding the passage of Senate Bill 76 relating to Residential Property Insurance by the Senate Committee on Banking & Insurance.

"APCIA applauds the Senate Committee on Banking & Insurance for supporting Senate Bill 76, which includes much needed reforms that will curb lawsuit abuse, help lower homeowners insurance costs for Floridians and help create a healthy and sustainable insurance marketplace in the state for consumers.

"APCIA thanks Chair Jim Boyd for sponsoring this important legislation and for his commitment to improving Florida's property insurance market for the benefit of consumers. Florida's property insurance market is at a crisis point as insurers face billions in recent losses from natural disasters and skyrocketing litigation costs. Ultimately, Florida policyholders suffer the most as many policyholders are facing a potential increase in homeowners insurance costs.

"Senate Bill 76 will help alleviate some key pressure points existing in Florida's insurance market and therefore benefit consumers. APCIA looks forward to working with the Florida Legislature to ensure this good bill passes."