Florida Lawmakers Hope New Bill Fixes Hurricane Insurance

Florida hasn’t been hit by a hurricane since the disastrous years of 2004 and 2005 _ but the state’s property insurance companies say they are still losing money despite collecting billions in premiums. That has industry leaders, Gov. Rick Scott and Republican lawmakers hoping that a recently signed bill will make them profitable and spur competition. Proponents say that would drive down rates in the long-run and allow private insurers to compete better for some of the 1.3 million customers of the state-backed Citizens Property Insurance Corp. in hopes decreasing the exposure to taxpayers.