Citizens Property Insurance Overhaul Delayed In Senate
The Florida Senate has delayed a vote on a controversial overhaul of the state-run Citizens Property Insurance Corporation.
The proposal outlines higher rates for new policies. Senate Sponsor, David Simmons (R-Maitland), says he plans to amend the bill to let existing wind-only customers remain in the lower priced plans, but that overall low rates in Citizens can’t last forever.
“These wind-only policies are less than market rate, and they’re getting an unfair free ride at the expense of everyone else,” he said.
The Senate’s decision to postpone a vote on the bill comes as a smaller house version passed its last committee stop. Advocates say the bills are needed to reduce the size of Citizens and bring other insurers back into the Florida market. Opponents worry the proposals could make rates so high they could hurt the state’s recovering housing market.