News & Updates


Property Insurance bill passed by Legislature

Associated Press Writer

TALLAHASSEE, Fla. — Customers of the state-backed Citizens Property Insurance Corp. could be paying 10 percent more for their property insurance by Jan. 1.


The Senate passed the bill (HB 1495) on a 32-6 vote Friday a few hours after the House passed an amended version 80-35 following nearly two hours of debate.

The legislation limits the annual rate increases to no more than 10 percent a year for more than 1 million Citizens’ customers until the company reaches an actuarial level that makes it solvent and able to pay claims in a timely manner.

The bill also reduces the state’s $20 billion exposure on the Florida Hurricane Catastrophe Fund by $2 billion annually for six years.

It now goes to Gov. Charlie Crist.