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House Approves Key Insurance Measure in Florida

Posted on 24 Apr 2009

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A hurricane insurance proposal to help the state reduce its multi-billion-dollar exposure in Florida's risky insurance market is heading to a final House vote.

Lawmakers approved the proposal (HB 1495) Thursday that would increase rates on a gradual basis for customers of the state-backed Citizens Property Insurance Corp. The policyholders would see premiums increased an average of 10 percent in the next several years to avoid a potential one-time increase of between 40 and 55 percent on Jan. 1.

The House vote could come Friday.

Lawmakers are trying to decrease the state's $20 billion exposure on the Florida Hurricane Catastrophe Fund by shoring up Citizens by getting all of its policies actuarially sound.