Insurance Topics High on Fla.’s 2005 Legislative Agenda

Florida homeowners will be able to choose between 1 and 5 percent hurricane deductibles if the Florida Legislature passes a proposal suggested by Tom Gallagher, Florida’s Chief Financial Officer.

When the Legislature meets Gallagher also hopes to present a proposal to lower the threshold of the Hurricane Catastrophe (Cats) Fund.

Another urgent topic on the agenda will be how to rein in Citizens Property Insurance Co. The company expects to have a better financial assessment in February of its liabilities and might have to levy a special assessment that will affect all insurance-paying homeowners in Florida. It is also expected to increase its rates.

According to the latest statistics, hurricanes Frances, Charlie, Ivan and Jeanne, caused $20 billion in insured losses.

Topics Florida