Property Insurance Companies' proposed legislation passed the Florida House. The bill awaits the Florida Senate and the Governor. Among other long-sought features, the Property bill would:
- Increase Citizens Property Insurance Company Premiums by 10% per year.
- Enable a Commission to recommend elimination of all or most of the Premium discounts for Hurricane Mitigation measures recently enacted into Florida Law -- measures to strengthen the construction of Florida Homes that were recently demanded by Property Insurance Companies.
- Increase Property Insurance Premiums including Homeowner's Insurance Premiums apparently, by 10% per year.
- Restrict Policyholders and other Insureds on adjusters they hire for assistance on their Homeowner's and other Property Insurance Claims, and enable another Commission to recommend more restrictions.
The potentially biggest feature of this bill even when it is put alongside these other very big features? "Gradually reduce the $29 billion Florida Hurricane Catastrophe Fund by $12 billion." Julie Patel, "Rates Would Rise Under Legislation/Florida House Passes Sweeping Property Insurance Bill" (South Florida Sun-Sentinel.com, Friday, May 1, 2009).
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