News 245 Florida Home Auto Insurance Reforms

Several Property and casualty insurance reforms are on deck in 2006. First and foremost is a dramatic increase in homeowners insurance. Rates will go up for everyone, for Citizens Property Insurance Corp., the state's last resort insurer, members' rates will go up about 45%. A proposal to use sales taxes to help restore Citizens in on the table, as well as a proposal to cap windstorm coverage at $500,000. In auto insurance, Florida's no-fault system will be repealed in Oct. 2007 unless it is re-enacted during this legislative term.
 

Read more: Plans for change to get close look (St. Petersburg Times) Insurance is likely to be a headline grabber again this year with homeowners feeling the pain in their bank accounts and politicians groping for solutions to the crisis in property insurance.