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The Real Story About Reinsurance Rate Hikes

Consumers are being told that SB 408 will suddenly allow for large homeowners premium rate hikes because of reinsurance costs. We need to tell them the real story, starting with why reinsurance is important to everyone.

By Lynne McChristian | Updated on June 27, 2011

They Say, HearsayI read that the property insurance bill Gov. Rick Scott signed has something in it that will make my homeowners’ premium go up by 15 percent a year because of rising reinsurance costs. What the heck is this reinsurance, and why am I paying for it?

We SayRemaining fully informed about legislative changes to property insurance—and their impact—is a little like trying to follow the storyline in one of those too-cleverly written spy thrillers that keep you on edge. Keeping up with the twists and turns of annual legislative manipulation of property insurance law is hard enough for those of us in the business.

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