The Real Deal Miami

Bills could raise property insurance rates

April 15, 2011 09:54AM

Three bills under serious consideration by the Florida legislature could
raise property insurance premiums. The bills are aimed at bringing new
insurers to Florida, along with reducing phony claims. But some
lawmakers are warning that homeowners can’t afford the continuously
rising premiums. “At what point do we recognize that there are people
out there who are struggling that can no longer afford these increased
premiums?” said Sen. Mike Fasano. If the bills passed, citizens of
state-backed Citizens Property Insurance, for example, would see
premiums rise between 15 and 25 percent per year. [Sun