Florida Insurance Reform Adopted

The Florida Legislature overwhelmingly passed a bill Monday that it hopes will lower Floridians skyrocketing insurance rates.

The vote now sends the legislation to Governor Charlie Crist for his signature into law. Crist hasn't said yet whether or not he will sign it into law. He says he still must review the details, but it appears to deliver what he called "meaningful, broad-based" relief that he has demanded.

Lawmakers say the average Florida homeowner could see savings of about 22 percent, although it would vary widely on where they live and who their insurance company is.

The state created insurer of last resort, Citizens Insurance, the average savings will be about 18% for high risk coastal residents. Other citizens customers would see much lower savings, probably in the range of 5%.

But, Citizens Insurance customers would also get a 21% rate increase reversed.

And, the legislation also cancels a 56% rate increase Citizens Insurance customers would have been hit with this year.