Well the bill is now Law as Governor Rick Scott signed it in Tallahassee on 5/17 days early of his 5/26 deadline.Even though Senator Fasano a fellow Republican has been saying that this is not good for the Home owner’s in Florida as it can increase rates 15% or more every year.He has also said this goes against the Governor’s promise not to raise taxes and he feels this is doing that through the back door of the Big Insurance companies. This is definitely a win for big Insurance and the companies will definitely become healthier the real question are the current rates from Citizens Insurance. Today, the rates are very competitive and people are choosing them and this will get worse if the rates for Citizens do not become much higher and very quickly.The Citizens bill did not pass yet so I believe there will be a special session over the summer for at least this reason. This will not help the people struggling to make ends meat while paying $100 or $200 more / month just for Insurance on their home.This bill will affect Public adjustors and their ability to help clients and also will dictate who will be able to file the claim first. The bill does focus a lot on Claims and speifically sinkhole claims. It will be more dificult to get paid and to even file a claim and if you do have a sinkhole you may not be able to collect on Coverage B appertanent structures and other areas. This will be better for Insurance agencies like L & S as higher premiums generate more revenue which has been tough over the last 3-5 years, but the Real estate world will have a huge negative impact and this could truly slow the Florida economy, but no one else seems to be talking about this like I have. Please read the full article as it is a big one and please call L & S for all of your Home, Auto, flood, business and Life Insurance quotes.
http://www.insurancejournal.com/news/southeast/2011/05/17/198940.htm
