Gov. Charlie Crist has signed new insurance legislation that extends a rate freeze for more than a million customers of state-backed Citizens Insurance.
However, Crist vetoed a part of the measure Wednesday that would have provided $250 million in incentives for private insurers willing to get into Florida’s dicey homeowners’ market.
The bill fixes the insurance measure passed in a January 2007 special session, but does little to take the risk off Florida citizens if a major hurricane strikes a heavily populated area.
The bill gives the state more authority over private companies, but residents with car insurance or homeowner policies would be assessed if a catastrophic storm hit Florida and the state was unable to meet its financial obligations.
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