The Florida Legislature gave final approval yesterday to a new rule requiring homes in catastrophe-prone areas valued at over $750,000 to be fitted with shutters.
The bill now goes to Republican Gov. Charlie Christ.
As the session moved toward adjournment today the House was to debate a separate bill that includes a measure strongly supported by the governor to prohibit the establishment of future Florida-only subsidiaries by national companies.
In addition, existing subsidiaries will have to report their national financials when requesting rate adjustments in the state.
HB 7057 also expands the coverage of the state's insurer of last resort–Citizens Property Insurance. Currently homeowners are eligible to purchase Citizens coverage only if there are no comparable policies available at rates under 25 percent above the average premium. The bill lowers that threshold to 15 percent. In addition, the measure prohibits Citizens from raising rates until Jan. 1, 2009.
The insurance industry has opposed both the subsidiary ban and Citizens expansion as posing too much of a risk to the state that still faces years of hurricane losses.
The bill also authorized improvements to the state's My Safe Florida Home program.
“The measures passed today by the Legislature will allow the My Safe Florida Home program to serve more Floridians and to boost our efforts to educate homeowners about the importance of mitigation,” said State Chief Financial Officer Adelaide “Alex” Sink.
After being streamlined to provide better service and expanded statewide, Ms. Sink said, the MSFH program in April resumed offering eligible Floridians free wind inspections.
More than 50,000 homeowners are on the program's waiting list, and these homeowners should expect to be served by the end of the summer.
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