Insurance Special Session Continues

1-22-07

State lawmakers are back in session today to pass a massive insurance relief package. They met all weekend, hashing out the details.

The legislation will freeze Citizens Property insurance rates at last year's levels and is expected to roll back future Citizens rates by as much as 20 percent.

Rates are also expected to come down for homeowners with private insurance, like State Farm and Allstate, but how much will depend on many factors.

What lawmakers basically decided to do is put billions of additional state dollars on the hook in the event of a major disaster, in return for private insurance companies promising lower rates.

"The legislature is doing everything it can to see that everyone gets some savings, and that should happen. It's just that it's going to vary from company to company and it's going to vary depending on where you live," said Sam Miller of the Florida Insurance Council.

The full house and senate are scheduled to come in this afternoon to approve the legislation, but Gov. Charlie Crist has said he won't sign it unless it brings down rates for everyone.

The special session is scheduled to end at midnight tonight. Some lawmakers are already calling for an extension to make sure they have enough time to read the giant bill they're expected to vote on today.

WCTV will continue monitoring the special session and we expect a full vote on the issue sometime Monday.


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