Crist Signs Bill Set To Trim Insurance Premiums

By JEROME R. STOCKFISCH The Tampa Tribune

Published: Jan 26, 2007

TALLAHASSEE - Gov. Charlie Crist signed into law a bill aiming to trim homeowners insurance premiums, promising weary Floridians that "help is on the way."

The legislation sprang from a weeklong special session that ended Monday. Facing an uproar from residents experiencing soaring premiums or dropped coverage, lawmakers crafted a bill that transfers much of the risk from storm damage to the state.

And that risk trickles down to holders of all types of property and casualty policies in Florida, who would ultimately be on the hook for the state's debt in the event of a major catastrophe.

Lawmakers said the soaring rates made that strategy worth the risk. The bill, which phases in over the next several months and could be felt in policies renewed after June 1, is expected to bring savings of about 25 percent statewide, but that figure will vary depending on location and other factors.

"We have a message for the people of Florida today: Help is on the way," Crist said Thursday in a Capitol bill-signing ceremony.

The governor and legislative leaders then hit the road for signing ceremonies in Southeast and Southwest Florida.

In North Palm Beach, they visited the home of a couple whose premium shot from $2,300 a year to almost $7,000.

In Port Charlotte, they met up with Stan Whitney, a 78-year-old whose name was invoked frequently in the Capitol after he complained loudly about his coverage.

Reporter Jerome R. Stockfisch can be reached at (850) 222-8382 or jstockfisch@tampatrib.com.