March 23, 2011

State Senator Mike Fasano, District 11

By Greg Giordano

State Senator Mike Fasano is concerned with the progress two anti-consumer bills are making as they head through the Florida Senate.

Senate Bill 408 is a comprehensive property and casualty insurance package that removes some very good consumer protection provisions that are currently in law.

Senate Bill 1714 makes vast changes to the way Citizens Property Insurance Corporation operates, including allowing for huge future increases in homeowners insurance premiums.

“I have been a vocal opponent of SB 408 from the moment it was filed,” Senator Fasano states:

I attempted to improve this bad bill in committee but the insurance industry wields great power in Tallahassee.

Many of my colleagues voted to pass this bill out of committee and give it a swift passage to the Senate floor.

The legislation drops the requirement that insurance companies must offer full sinkhole coverage if homeowners are willing to pay extra for it.

Without the requirement Senator Fasano fears that all insurers, including Citizens, will no longer offer this coverage.

The potential for homeowners and potential homeowners could be devastating.

Banks and other mortgage holders that require full coverage could force homeowners to pay exorbitant premiums from insurance companies of the lender’s choice if the general market no longer offers the coverage.

Many Florida insurance companies didn't make as much money as normal last year because of sink hole claims and because attorneys were successfully suing insurance companies that weren't paying the sink hole claims.

See the rest of the article at http://capitalsoup.com/2011/03/23/senator-fasano-is-opposing-two-anti-consumer-property-insurance-bills/

Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA

Netcraft rank: 6237 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com