Session Success

Homeowners insurance will be a little cheaper for Floridians this upcoming hurricane season. Insurance rates are going down. The Florida Legislature passed a bill lowering rates at the end of a week-long special session in January. The bill is aimed at cutting into the high prices of homeowners insurance. Since the hurricanes of 2004 and 2005, premiums have doubled and even tripled for some. The measure will help some Florida residents, but the bill's impact is still unkown. Estimated cuts range from 5-to-20 percent depending on the location of the home. I think the Florida Legislature was smart to hold their special session months before the start of hurricane season. This buffer would give both insurance companies and homeowners time to adjust to the new rules. The new law would make insurance cheaper for homeowners, but it would also be make life harder of insurance companies if they're losing money.