A bill is making progress in the Florida Senate that would reduce the size of Citizens Property Insurance and permit property insurers to increase their rates. <\/p>\n
Senate Bill 1770, sponsored by Sen. David Simmons, R-Altamonte Springs, is a large insurance reform effort, containing many changes that the insurance industry has long advocated for. However, critics say that if the bill becomes law, property insurance policy holders will see their rates go up. The bill targets the government-run Citizens, but may also cause rate increases.<\/p>\n
Sen. Simmons said that the bill would reduce the high level of risk the state faces in the event of a major hurricane and would also reduce reliance on state-run insurance. Some Senators from coastal areas said that the bill would result in unmanageable rate increases for homeowners’ insurance. Consumer advocates criticized the lawmaking process, saying that public comment had been limited.<\/p>\n