Legislation aimed at reducing property insurance premiums was approved by the Florida Legislature late today with lawmakers promising to revisit the issue during their regular session in March.
The measure passed unanimously in the Senate and by a 116 to 2 vote in the House, and will now go to Governor Charlie Crist, who is expected to sign it into law.
The bill has drawn harsh criticism from the insurance industry, which has argued it provides only short-term fixes, makes the market more difficult for insurers and could expose taxpayers to a massive financial burden in the event of a major hurricane.
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