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December 17, 2004
Florida Changes Insurance Rules to Help Hurricane Victims
The Legislature on Thursday approved $185 million in aid to people whose homes were ravaged by hurricanes this year and altered
Florida's insurance rules, a move that lawmakers said would increase costs statewide.
Borrowing up to $150 million from a state catastrophe fund, the relief package will help at least 30,000 homeowners who had to pay multiple deductibles when four hurricanes hit the state in six weeks, legislators said. In Florida, the deductible is generally 2 percent to 5 percent of a home's value.
Posted by Tom Troceen