Changes to Florida Property Insurance
Posted By Givens Givens Sparks || Apr 10, 2013
A recent oped, posted by the Miami Herald detailed Florida Senate Bill 1770, dubbed a "sweeping property insurance bill". The article describes the good provisions, as well as the bad provisions in the bill. The author lists the following as bad provisions within the bill:
- making upper level Citizens executives direct appointees of the governor and state CFO
- increase the annual 10 percent rate cap by 30%
This increase in rate cap would immediately cause personal residential property insurance policies to increase by an average of 18.87%. Large portions of this bill are not good for Florida consumers.