The Real Deal Miami

Property insurance bill becomes law

May 29, 2008 12:51PM

Governor Charlie Crist has signed into law the new property insurance bill referred to as a “homeowners’ bill of rights.” The new law has around 25 provisions aimed at further regulating home insurers. These include a freeze on state-backed Citizens Property Insurance Corp.’s rates until January 2010, a requirement that all insurers use state-approved methods of calculating hurricane risk, and a 100 percent increase in the maximum fines insurers can be penalized with.