Wednesday, August 08, 2007

The Homeowners Defense Act of 2007

Last week Democratic Congressmen Ron Klein and Tim Mahoney introduced the Homeowners Defense Act of 2007 to address the growing crisis in the affordability of homeowners insurance. The legislation focuses on stabilizing the catastrophe insurance market by expanding private industries' capacity to cover a natural disaster and helping states to better manage risk. As of today, the Homeowners Defense Act of 2007 has the support of 35 Members representing 20 states. With insurance rates skyrocketing ever higher in Florida, this important legislation couldn't have come at a better time.

Meanwhile, some insurance companies in Florida may be pocketing the savings that the Florida Legislature delivered them in January and not passing on the savings to everyday Floridians. House Democratic Leader Dan Gelber isn't going to take that lying down. In a letter to Gov. Crist requesting that the issue be addressed during the upcoming special session, Gelber wrote, "The property wars have commenced...We have seen that even when we pass legislation to deal with a crisis, those with other agendas are nimble enough to find a loophole or avenue that allows them to escape the spirit and reach of our efforts."



  
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