HB 107 – Citizens property Insurance Corporation Rates, filed by house member Jose Felix Diaz (Dist. 116) Provides that restrictions on annual rate increases apply to both new & renewal policies.
State Representative Jose Felix Diaz has filed the legislation to address property insurance rates. Read his commentary published by the Miami Herald, Mon, Jan. 28, 2013, Curbing the threat of higher rates from Citizens. It is a must read.
As stated in his commentary, Rep Diaz was appalled that Citizens announced in the summer of 2012 that they would increase rates through a loophole in the law. Too many people are not aware of this situation until they receive their notification letters.
As I have stated throughout my blog, the cost (rising rates) as well as the availability of property insurance has a very profound impact on the affordability of all homes in South Florida, but particularly those east of US1 and I-95.
The legislative agendas of all the South Dade representatives, state, County, and all Miami-Dade municipalities, need to work Tallahassee to continue to make Citzens available and affordable.
Watchdogging Citizens and insurance reform is a necessary part of the 2013 legislative agenda.