Florida Homeowners Insurance Rates to Go Down

Posted at 2:05 PM, Jan. 23, 2007

On the night of January 22, 2007, the Florida Legislature passed a 167-page bill that is expected to lower homeowner insurance premiums from 5% to 40%. Governor Charlie Crist is expected to sign the legislation on January 23, 2007. This will not result in instant rate reductions, but instead could take several months.

Florida homeowners are having trouble with the high homeowner’s insurance rates, and homebuyers have been reluctant to purchase homes because of the insurance rates. This one bill could help revitalize the housing market. Once the state tackles the property tax issue, Florida residents and those looking to move here should breathe a sigh of relief.

This is a great start for the Florida Legislature and newly elected Governor Charlie Crist.