Floridas House Property Insurance Bill to the Rescue!
Posted in Home Insurance , Hurricane Insurance
August 7th, 2009
Property insurance is a big deal in a state like Florida where the likelihood of natural disasters, namely hurricanes,is higher than many other states. This is why there are so many home insurance companies throughout the state. They are essentially the fabric of individual communities -they bring financial protection to the forefront and help to employ many residents.
Or at least they did.
As the economy changes, so do important community staples such as the insurance company. In Florida, it has become more and more challenging to insure all of the people who need help repairing their homes after natural disasters. Originally, this is where Citizens Property Insurance and the Florida Hurricane Catastrophe Fund came into play. But now, they’re tapped out. So another option has been proposed: House Bill 1171.
What is House Bill 1171?
House Bill 1171 is a consumer choice property insurance bill that is in the process of being looked over for consideration. In sum, the bill would be created to offer Florida insurance companies new options for writing policies.
Here are some other benefitsof the proposed bill:
- Well-capitalized insurers could return to Florida and/or start writing new homeowners’ policies again.
- Consumers would be given more choices for insuring their homes.
- Fewer jobs could be eliminated and more jobs could be created in the state.
- Competition could be restored, bringing back private insurance capital.
Under the proposed bill, agents would be required to discuss their purchase options with customers and provide rate comparisons with both Citizens and a private insurer with a fully-regulated rate.
It sounds like a really good bill to place into law. No hidden agendas to worry about and more insurance coverage to go around. With hurricanes always making their way through the area, it’s good to have as much protection available as possible. So why not make HB 1171 official?