Tag: Florida property bill for insurance companies

A controversial bill has been passed by Florida’s Senate Banking and Insurance committee. The bill could increase the premiums paid by customers of Citizens Property Insurance by 25% and will eliminate coverage for some homeowners over time for properties whose value exceeds $500,000. Strict requirements will also be imposed, preventing homeowners from being able to enter the insurance program unless their only alternatives are 25% more expensive than coverage offered by Citizens. Representative Alan Hays of Umatilla, one of the bill’s sponsors, claims that raising premiums is the very last…

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