Insurance Relief for Florida Homeowners

Florida Gov. Charlie Crist signed a bill today giving more relief to Florida homeowner's burdened by high home insurance costs. The new law extends the freeze on rates for the state-created Citizens Property Insurance Corporation through the end of 2008 and prohibits national property insurance companies from setting up any new Florida-only subsidiaries.

While the new law is welcome relief for some, it still doesn't address the issue of the national insurers who set up Florida-only subsidiaries previously and who continue to seek higher rates by claiming they are losing money in Florida while making huge profits throughout the rest of the country. Until the legislators in Tallahassee reverse this mistake, many Florida homeowners will continue to suffer with higher insurance premiums.

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