The Real Deal Miami

Florida approves alternative hurricane insurance

February 06, 2012 01:30PM

The Florida House

Florida’s House has approved a bill that allows surplus lines companies, whose insurance rates are not regulated, to take customers from state-backed Citizens Property Insurance, the Palm Beach Post reported. The bill, which passed 66 to 48, will now head to the Senate. “They are mainstream participants in the U.S. insurance marketplace,” said Boca Raton Rep. Bill Hager. “They are recognized in the main as stable, good-faith operators.” Under the bill, Citizens can “hand off” homeowners to the surplus lines companies.  [Palm Beach Post]