The Real Deal Miami

Insurance overhaul debated

April 02, 2009 02:19PM

Florida property owners could face sharp increases in their insurance rates under a bill now being considered in the state Senate. State-controlled Citizens Property Insurance Corp. could boost policyholders’ rates by up to 12 percent a year under the proposed law, which would let private insurers boost rates by up to 5 percent a year or by an inflation-based amount. The lower number would be adopted under the current version of the law. Senator Garrett Richter is the bill’s sponsor.