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Florida House Rejects Proposal that was Narrowly Passed by Senate

In Florida, Florida Legislation, homeowner's insurance, Homeowners' Policy on May 5, 2014 at 1:32

The Florida House rejected a proposal that the Florida Senate had passed the week before. The proposal would have allowed homeowners seeking coverage from Citizens Property Insurance to be shifted to out-of-state insurers. With the rejection from the House, this provision has now been stripped from Senate Bill 1672.

The concern: out -of-state and private surplus line insurance companies are not subjected to the same regulations as those that are based in Florida. The reality: this could have been another option for homeowners, and plenty of Florida residents already use these types of insurers. The result: This issue is dead for this year’s session, which means there will be no major changes in the way policies are shifted away from Citizens.

Whether this is a positive development for policyholders and insurers remains to be seen.

To view the full bill information click here. 

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