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Representative seeks insurance relief for constituentsPosted On Tue, January 15, 2013
Florida homeowners may be the recipients of lower home insurance rates if a piece of legislation is passed and signed into law.
U.S. Rep. Dennis Ross, who hails from the Sunshine State, will soon introduce the Homeowners' Insurance Protection Act. Among other improvements, the bill will be proposed in an effort to shore up the federal reinsurance programs that are already in place in Florida with what serves as a backup program.
"When a once-in-a-lifetime disaster strikes, whole communities are lost, and people want to begin to rebuild – and they want to rebuild quickly," said Ross. "Unfortunately, rebuilding is further hampered when insurance costs skyrocket after these tragedies. This is what we saw in Florida after Hurricane Andrew hit in 1992, what the Midwest saw in Joplin after the tornadoes ripped up the land, and what we're seeing in New York and New Jersey in the aftermath of Hurricane Sandy."
Ross added that these funds will only go toward insured losses and cannot be used for states to set aside for other fiscal expenses unrelated to natural catastrophes.
Homeowner insurance premiums have risen modestly in recent years. According to data from the National Association of Insurance Commissioners, average premium rates ticked upward by 3.3 percent in 2010. The Gem State of Idaho has the lowest home insurance costs, while Texas homeowners spend the most in yearly premiums.
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