Florida Republican Gov. Charlie Crist signed legislation into law today aimed at reducing property insurance rates in Florida.
"We have heard the calls for help from Floridians suffering from high insurance rates," Gov. Crist said. "With this legislation, the powerless have become the powerful, and the credit goes to the people of Florida for letting their voices be heard."
The legislation works to lower rates by allowing insurers to purchase more inexpensive reinsurance directly from the state Catastrophe Fund, provided the savings are passed directly to consumers.
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