What happened: Lawsuit abuse reform is sweeping across the nation, and Florida is one of the states reaping the benefits of these common-sense reforms.

Tell me more: In 2022 and 2023, the Florida Legislature enacted a series of reforms to end frivolous lawsuits and abusive tactics by certain personal injury lawyers while protecting people with legitimate legal claims. The benefits of those reforms are now kicking in.

• Florida’s Office of Insurance Regulation announced in February that nearly two-thirds of automobile premiums are declining between 6% and 10.5% this year, depending on the insurer, with more decreases expected as filings continue.
• Additionally, homeowners insurance premiums increased by just 1% on average—the lowest rate in the nation and well below the rate of inflation.

In his words: “Critics claim reform enriches insurance companies, but Florida’s recent rate reductions and market stabilization prove these arguments are baseless. While premiums remain too high and require continued attention, there is no question that ending litigation abuse has made a positive difference.” – Paul Renner, former speaker of the Florida House (2022-24)

TLR Thoughts: As Texas lawmakers consider similar measures this session through SB 30/HB 4806, it’s clear that these reforms are essential to improving Texas’s broken legal system, making insurance more affordable and protecting consumers.

Read the full article here.