TALLAHASSEE, Fla. (AP) — The House has voted to lift rate regulation from some property insurance policies as a move to attract bigger insurers to Florida.
The bill (HB 1171) would give consumers the choice of paying more for coverage against hurricanes and other hazards from companies that have more financial backing to pay claims.
The House passed it 105-13. The bill next goes to the Senate where a similar measure (SB 2036) is awaiting final committee action.
The bill would require companies to buy reinsurance from the state's overexposed Florida Hurricane Catastrophe Fund, but they could charge homeowners and businesses more for coverage without permission from the Office of Insurance Regulation.