Tallahassee, FL (AP) - A bill that would prohibit Florida's state-backed property insurer from providing coverage on new construction or remodeling of existing homes in environmentally sensitive and high-risk coastal areas is moving forward in the state Senate.
The measure (SB 1714) sponsored by Umatilla Republican Alan Hays
cleared the Senate Banking and Insurance Committee on a 6-4 vote
Tuesday with Republican Mike Fasano joining three Democrats in
opposition. It now moves to the Budget Committee where approval will send in to the floor.
Citizens Property Insurance Corp. -- originally created as an insurer of last resort -- is Florida's largest property insurer with more than 1.3 million policies in force and growing. Hays' bill would increase Citizens' premiums by up to 25 percent and restrict who would be eligible to purchase new coverage.
(Copyright 2011 by The Associated Press. All Rights Reserved.)