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Gov. Crist Extends Citizens' Rate Freeze

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Jun 12, 2007 8:29 am US/Eastern

Gov. Crist Extends Citizens' Rate Freeze

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TALLAHASSEE (CBS4) ― Good news for Florida homeowners who have property insurance through state-run Citizens Property Insurance.

Governor Charlie Crist has signed a bill that extends a rate freeze into law. The measure also prevents national property insurance companies from setting up Florida-only subsidiaries which Crist says allows companies to seek higher rates by claiming they lose money here even though making a profit nationally. Companies that already have such subsidiaries are 'grandfathered in' under the measure.

The law's most immediate effect will be the rate freeze extension through the end of 2008 for state-created Citizens, which has become the state's largest property insurer. The Legislature in January had frozen the rates through the end of 2007.

The new law was one of Crist's top priorities, but it was among the last bills lawmakers passed during the regular legislative session that ended May 4th.

(© 2007 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 This material may not be published, broadcast, rewritten, or redistributed.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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