Sunshine Sentinel

Katelyn Ferry, a partner at Cambo Ferry law firm, said that if HB 1551 passes, it will effectively reverse the legislative reforms that have stabilized Florida's insurance market. She made this statement during a public hearing on April 4.

"HB 1551 will unravel all of the progress made in both the 2021 and 2022 legislative sessions," said Ferry. "Make no mistake, if this bill passes, it'll eradicate Florida's insurance market and devastate the citizens. Really the only people that benefit from this legislation are the attorneys, not the consumer."

According to the Florida House of Representatives, HB 1551 is a proposed bill aimed at modifying the procedures for awarding attorney fees in property insurance litigation. The bill seeks to ensure that prevailing policyholders can recover attorney fees while establishing clear guidelines to determine prevailing parties. This initiative aims to balance consumer protection with the reduction of frivolous lawsuits.

During a public hearing, Ferry testified against HB 1551, expressing concerns about its potential impact on the state's insurance market. She argued that the bill could reverse recent progress made in stabilizing the market and reducing litigation. Ferry emphasized that the pre-suit notice process introduced in earlier reforms has been effective in decreasing litigation rates.

According to the Florida Office of Insurance Regulation, following legislative reforms in 2022 and 2023, Florida's property insurance market has shown signs of stabilization. The Florida Office of Insurance Regulation reported that Citizens Property Insurance Corporation's policy count decreased by 179,087 policies between September and December 2023. Additionally, eight new companies were approved to write homeowners' insurance in Florida since the reforms.

Ferry is a legal professional specializing in insurance defense and litigation. She is the Partner/Owner at Cambo Ferry, PLLC, a law firm based in the Greater Tampa Bay Area. Ferry earned her Juris Doctor degree from Stetson University College of Law and has actively participated in professional conferences, including presenting on fire loss claims at the Florida Insurance Fraud Education Committee Conference.