Lawmakers finalize insurance plan, say cuts range 10 to 40 percent

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TALLAHASSEE, Fla. (AP) - Lawmakers will be voting later today on a wide-ranging plan they say will mean property insurance rate cuts for nearly every homeowner.

How much relief various policy holders will see remains murky.

And to give homeowners the relief they've been demanding, lawmakers are taking a risk. If there isn't enough money to pay claims from a megastorm like Hurricane Katrina, or a megaseason with several storms, Floridians will be on the hook for billions in damages.

In such a scenario they'd be hit with assessments on their car and home insurance policies, or taxpayers would have to step in and pay for the losses.

Still, architects of the proposal were claiming a semi-victory, with estimates for cuts ranging from under 10 percent to nearing 40 percent, as lawmakers prepared to send the measure to Governor Charlie Crist.

(Copyright 2007 by The Associated Press. All Rights Reserved.)