Governor Crist vetos Property Insurance Bill

Posted on June 3rd, 2010

The Florida real estate market is a hot topic that is always relevant in our communities. Recently, Governor Crist vetoed a property insurance reform bill, there were pros and cons to the bill. Ultimately, the bill was vetoed in the consumers’ best interest. There are always several sides to a claim, but the State should value the side of the residents in their communities. Insurance claims are complex and each requires specific time to evaluate the full extent of the damage.

Here’s a few paragraphs from a recent article on this matter – read the full article – Florida Property Insurance

William Stander, assistant vice president and regional manager for the Property Casualty Insurers of America (PCI), said in a statement that the group was “disappointed” by the veto of “common-sense solutions” to protect consumers and control costs.

“This legislation would have been a step toward bringing private marketplace solutions to Florida,” Stander said. “Without the bill, we continue to confront the problem of a huge and growing financial risk that Floridians face from the next storm.”

The bill included provisions to make it an unfair and deceptive trade practice for public adjusters to make misleading statements; set caps on public adjusters’ fees; created a website for consumers to shop and buy coverage; and set requirements for properties being repaired so future storms would not cause as much damage.

“While we are disappointed that these provisions did not become law, we recognize that many of us want the same thing: a healthy, stable and competitive insurance market that delivers economic security and peace of mind to consumers. We are all in this together,” Stander said.

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