Florida Gov. Charlie Crist has vowed to sign legislation that could raise home coverage rates up to 10 percent for more than one million policyholders with the state-created Citizens Insurance Corp.
The Florida House of Representatives gave final approval and sent the governor the bill last week. The House had originally passed HB 1495 with a 20 percent maximum rate hike, while the Senate countered with 5 percent, after initially proposing 10 percent.
Legislators in the Senate agreed to pass an amendment, proposed by Sen. Mike Fasano, R-New Port Richey, capping the maximum increase per policyholder at 5 percent for the purposes of negotiating a 10 percent ceiling with the House.
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