Republican Gov. Charlie Crist has made it a priority to force legislators during a seven-day emergency session for substantial rate reductions state-wide, All South Florida legislators voted in favour of the package. Approval came on the final day of the session called to address the state’s property insurance woes.
Florida property owners will see price reductions when their policies renew in the next several months. Businesses will also see some relief, although not as much. Under the plan approved, rates will fall by allowing private insurers to buy cheaper reinsurance from the state, and requiring they pass along the savings to consumers.
The state will potentially double its Hurricane Catastrophe Fund to $32 billion and will greatly expand the role of Citizens, the state-backed insurer which now has 1.3 million customers.
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- Florida today.com Serving Florida’s Space Coast
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Wide Web site, featuring space news, Real Estate listings, - MyFlorida.com – Home Page
Official portal of the State of Florida, divided into sections dealing with
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