Florida Governor Jeb Bush last week signed legislation aimed at bolstering the state's beleaguered residential insurance market as well as helping homeowners better cope with another severe hurricane season.
The legislation–Senate Bill 1980–offers $250 million in loans to insurance companies to help them continue to write coverage and to take policies from Citizens Insurance, the state's insurer-of-last-resort.
Starting next July, the bill also increases insurer flexibility to increase rates–allowing for adjustments of up to 5 percent statewide and 10 percent in a particular region.
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