Florida insurance premium costs are dropping, the number of civil lawsuits being filed is decreasing, “nuclear verdicts” are becoming less common and more insurers are entering the Sunshine State, a new study on the impact of tort reforms concluded.

The study from the advocacy group Consumer Choice Center found that the trends affecting Florida consumers in the wake of the enactment of House Bill 837 in 2023 and other reforms have been positive. HB 837 provided more transparency about medical damages during trials, barred plaintiffs who are more than 50% at fault for an injury from recovering damages, eliminated one-way attorney fees in insurance claims and redefined what constitutes “bad faith” by insurers in addressing claims.

The study, which was released this month, found that although there has been an increasing risk of severe weather such as hurricanes, inflation in building material costs and rising litigation costs in recent years, the state is currently enjoying a “a quantifiable reduction and stabilization” in property insurance rates.

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