Will Florida ever find cheap home insurance again?

Thursday, May 9, 2013

Well... the answer to that question would be, not likely!  Finding cheap insurance in Florida is like winning Powerball for most.  

Lawmakers recently passed a new bill that focused on citizens and homeowners insurance in Florida.  The members of lawmaking in Tallahassee have been reviewing Citizens Property Insurance company and the home insurance market in its entirety for the Sunshine State.  A proposal, Senate Bill 1770 has been cited as a highly controversial issue within the states Legislature. 

The largest insurance company doing business in the state is Citizens Property Insurance.  This state-run organization accounts for the majority of the policies insured in the state.  This new bill would forced the state run insurance company to considerably raise rates on coverage.  For obviously reasons, Floridians didn't really take to the increasing in premiums Citizens wanted to apply.  Due to the up rise by consumers in Florida, the bill as it stands has been thrown out of Legislature until they come up with a better program for residents in the state.  

A recent updated Senate Bill 1770 this week passed with flying colors.  The Governor and the house worked closely to figure out a consumer friendly bill that would address the financial issues of Citizens, without offering a huge increase in premiums.  In short, the bill aims to reduce the liability exposure for Citizens, thus offering more financial security to the state.  This new bill has offered some changes to the homeowners insurance sector while looking our for the little guy.  

So, while you probably won't find cheap homeowners insurance in Florida, at least our state legislative is working in the right direction to fix it.  What are your thoughts on Citizens Property Insurance?

Read More Here:  http://www.liveinsurancenews.com/florida-homeowners-insurance-bill-passes-this-week/8524944/

by Morgan Moran

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