TALLAHASSEE, Fla. (AP) - Florida home and business owners would
be able to pay however much they'd like to buy insurance to protect
their property under a bill that has moved through the Legislature.
The bill (HB 1171) allowing consumers to pay higher, unregulated
rates to buy property insurance from highly capitalized national
insurers passed the Senate on a 27-9 vote Friday.
But Gov. Charlie Crist has long opposed bids by the large financially sound national companies who have annually sought double-digit rate increases and is expected to veto the bill.
It would give homeowners a choice of paying more for coverage from companies that also have stronger capitalization, which makes them less likely to default on claims.
(Copyright 2009 by The Associated Press. All Rights Reserved.)