Florida legislation approved over the weekend to cut property insurance costs could mean policyholders and taxpayers will bear a financial burden if a major hurricane hits this year, according to industry critics.
The measure is expected to be signed into law by Governor Charlie Crist.
Among the means to provide rate relief for property insurance policyholders in the bill is a provision to allow primary insurers to purchase additional reinsurance from the state catastrophe fund at cheaper prices than they would see from a private reinsurer.
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