TALLAHASSEE, FL (AP) -- A Florida Senate committee is taking another look at a proposal to cut down on the state's property insurance risk by reducing its catastrophic insurance exposure.
The bill also would allow state-backed Citizens Property Insurance Corp. to increase rates by as much as 10 percent for several years to reach actuarial sound levels.
Without the staggered rates, some Citizens customers could be looking at premiums jumping 40 percent to 50 percent.
The Senate Banking and Insurance Committee will debate Sen. Garrett Richter's bill Monday.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
APTV 04-06-09 0542EDT
