Expansion of Florida's property insurer of last resort will dangerously shift more of the hurricane risk to businesses and taxpayers, insurance industry representatives warned following the close of the 2007 Florida legislative session.
The Florida Legislature wound up its session with an expansion of the Citizens Property Insurance Corp. by lowering the threshold for policy issuance. In addition, SB 2498 freezes Citizens' rates until Jan. 1, 2009.
The measure puts all Florida residents at risk, according to William Stander, regional manager for the Property Casualty Insurers Association of America. “There are serious consequences to this quick-fix approach to the state's property insurance crisis,” he said in a statement.
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