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Crist Signs Sweeping Insurance Measure

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May 28, 2009 8:48 am US/Eastern

Crist Signs Sweeping Insurance Measure

TALLAHASSEE (CBS4) ― Homeowners with state-backed Citizens Property Insurance will be paying more for their policies now that Gov. Crist has signed legislation that boosts property insurance rates by 10 percent on more than 1 million customers of Citizens Property Insurance Corp.

Crist signed the bill Wednesday. Supporters of the legislation say Citizens customers would have been looking at rate increases between 40 percent and 55 percent on Jan. 1 if lawmakers didn't produce legislation for 10 percent increases spread over several years.

The bill also reduces the state's $20 billion exposure on the Florida Hurricane Catastrophe Fund by phasing out the upper levels of a state backup pool by $2 billion a year over a six-year period.

The bill was passed by the Legislature on May 1.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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