Fla. Gov. Praised Legislature for Continued Property Insurance Reform

Gov Charlie Crist commended the Florida House and Senate for continuing the work of lowering property insurance rates by passing legislation that “ensures affordability and consumer choice within Florida’s insurance market.”

Senate Bill 2498 extends the rate freeze for Citizens Property Insurance Corporation rates until January 1, 2009; lowers the qualifying threshold by 10 percent so that consumers can purchase insurance from Citizens when comparable coverage from private insurers is more than 15 percent higher than Citizens rates; requires nationwide insurance companies to report their national profits when filing for rate increases; and eliminates new Florida-only subsidiaries, or “pup” companies.

This is the right thing to do, Crist said.

“We are giving the insurance industry the tools, but we must remain vigilant,” the Governor added. “We must hold the industry’s feet to the fire and ensure that once this relief is provided that the companies pass this relief on to Florida homeowners.”

Source: Office of the Governor of Florida