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Article
Courtesy of CBS News Miami
By
Joe Gorchow
Published March 11, 2025
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WATCH
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As Gov. Ron DeSantis delivered his State of the State address Tuesday,
Florida House Speaker Danny Perez announced a major investigation into
insurance companies, responding to concerns over rising homeowner costs.
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Perez, a Miami Republican, said the House
will hold hearings soon, following a report from the Miami
Herald alleging that some insurers transferred billions to
affiliated companies while reporting financial losses.
"A couple of years ago, the insurance industry came to the
Legislature and said without sweeping reforms, companies
could not compete in Florida," Perez said, vowing to
investigate whether companies hid profits.
House to subpoena witnesses, examine financial practices
The Miami Herald report cited an unpublished study showing
that some insurers shifted profits to related companies, a
practice that could misrepresent their financial health. |
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Florida House Speaker Danny Perez
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A House committee will now investigate by issuing
subpoenas, questioning witnesses under oath and hiring outside experts.
Gov. Ron DeSantis said he supports transparency but warned against policies
that could increase lawsuits.
"Our markets were being driven into the ground because of
excessive litigation," DeSantis said. Instead, he advocated for policies
aimed at stabilizing the market while easing the financial burden on
homeowners.
DeSantis pushes property tax reform
Alongside the insurance debate, DeSantis is pushing for property tax
reforms, with a potential referendum on tax cuts appearing on the 2026
ballot.
"We can't set price controls," DeSantis said. "But taxes? That's solely in
control of government."
For many South Florida residents, any relief would be welcome.
"We used to live here before and prices have gone up even more," said Huma
Zaman, who recently returned to Doral after living out of state. Currently
renting, she said homeownership feels unattainable.
"What we're spending every year, if they were to completely get rid of
property tax, that would be a huge thing for us."
Homeowners, condo owners struggle with rising costs
Property owners also said they are feeling the financial strain.
"Originally, I was renting an apartment, so just being a homeowner now and
seeing everything firsthand, it's definitely a lot," said Andrew Greene.
State lawmakers are also expected to explore ways to ease financial burdens
on condo owners, who have been hit with rising fees and maintenance costs
following new safety reforms.
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