Governor Crist signed an insurance bill yesterday which will increase Citizens Property Insurance rates.
HB 1495 by Rep. Bryan Nelson gradually ramps up premiums for policyholders in the state-run insurance pool to put it back on more solid footing. The bill allows Citizens to gradually raise rates by 10 percent per year until they are considered actuarially sound.
Lawmakers repealed a requirement that sellers of property located in a wind-borne debris region, with an insured value on the structure of $500,000 or more, must provide prospective buyers the structure’s windstorm mitigation rating. The change is effective Jan. 1, 2010.
No comments:
Post a Comment