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Bill That Will Affect Home Insurance Quote Planned in Florida

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By : John Cutts    99 or more times read
A legislative bill designed to help insurance firms and is expected to affect all aspects of property insurance, including home insurance quote, is set to be presented by the state legislature. Although most insurance-related bills in the past five years have been vetoed by Governor Charlie Crist, the legislature is reportedly keen on giving it another go.

According to industry experts, proponents of insurance regulation changes are optimistic that the power shift within the state legislature instigated by the recently ended elections will get the bill through. Supporters are also encouraged by the election of Rick Scott as governor who is believed to be supportive of changes to current insurance rules.

Reports reveal that one of the changes that will be recommended under the bill will provide insurance firms with more clout in terms of setting rate increases that can be as much as 10% annually. Provisions that will set a limit of three years on property owners' rights to file a hurricane claim are also said to be part of the recommended changes.

The bill is expected to impact various insurance aspects, including home insurance quote and the amount that insurers will initially pay for property damage. Another provision of the planned legislation will give insurance firms the right to deny full payment until policyholders are able to repair properties that have been damaged by hurricanes.

According to insurance industry observers, the bill is likely to encounter opposition from the public, particularly with regards to the part where insurers are allowed to raise rates. They stated that most state residents are already having problems in terms of paying their monthly mortgages and any increase in insurance rates is sure to raise their ire.

Despite the expected reaction of homeowners, state legislators are reportedly determined to get the bill through the legislature and to the governor's office. Some of the supporters of the planned legislation have stated that the bill will benefit the industry and the state in the long run. They argued that although it will raise home insurance quote levels and rates in general, it will make the insurance sector more solvent and more able to protect itself from future risks.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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