Senate Takes Bold Steps To Hold Property Insurance Companies Accountable

Statement of Florida Governor Charlie Crist

January 14, 2008 -- "Many Florida homeowners have been disappointed and frustrated that property insurance rates have not dropped more. I also am disappointed and frustrated. The insurance industry is tenacious, but we are tenacious, too.

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The Florida Legislature worked diligently last year to listen to industry representatives and identify the tools needed to stabilize the property insurance market in Florida. We have significant reason to believe that some insurers are violating both the spirit and the letter of the law and ignoring the good work of the Florida Legislature. Thanks to Senate President Ken Pruitt and House Speaker Marco Rubio, the Florida Legislature listened to the needs of Floridians and passed significant insurance reform that requires insurers to pass savings along to customers.

Last week, Senate President Pruitt took a bold step to hold Florida’s property insurance companies accountable. He tapped Senator Jeff Atwater and Senator Steve Geller to lead the Senate’s latest effort to hold insurers accountable. Instead of reduced rates, we have seen attempts at outrageous rate hikes. For that reason, we will remain vigilant and will continue to hold insurance industry’s feet to the fire, and I congratulate them for their continued work on behalf of the people of Florida.

For too long, the industry has profiteered on the backs of our people. Sometimes, big business can be just as bad as big government, and I applaud the Senate for taking action to unravel the mystery of why insurance rates have not come down as we understood they would.

As we continue to fight for what is right, the good news is that many companies have lowered their rates. I encourage property owners to visit www.ShopAndCompareRates.com to learn more about how to get the best property insurance rate.

Know that we are working to keep Florida affordable and lower property insurance rates."

Source: Florida Governor