Posted on 02 Jun 2010
Florida Governor Charlie Crist vetoed the bill (SB 2044) Tuesday. He said in a memo that he was concerned the legislation would make it easier for insurers to increase residential premiums in the state.
He also said he had a problem with changes to mitigation discounts, meaning homeowners who have already made improvements to harden their homes against hurricanes could by unfairly penalized.
Florida Insurance Commissioner Kevin McCarty has said the bill would add more regulatory tools to ensure the solvency of private insurers.
Florida's property insurance market has been propped up for years by the state-backed Citizens Insurance and the Florida Hurricane Catastrophe Fund.