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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Homeowners insurance premiums on the rise
Insurance rates are increasing all across America. Homeowner’s policies, automotive and healthcare have all seen sizeable increases over the last few years. It’s looking like 2011 will be no different; several states will be seeing moderate to substantial increases to their homeowner’s policies. Homeowner’s across the United States have been seeing an increase in premiums for several years. The first major increase was due to the 2004 and 2005 hurricane season; the damage in those two years (especially from hurricane Katrina), caused massive claims and payouts. Many agree that as…
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