Insurance Rates

Allstate says it will cut rates in Florida by an average of 14 percent. That savings is the result of legislation approved during a special session in January on homeowners insurance.

It’s not as much of a reduction as he had been hoping for, but Governor Charlie Crist says the move to beef up Citizens Property Insurance could also mean lower rates.

“Well, it’s necessary so that we have competition. We’re starting to hear about some rate decreases, which is good. Um, you’d always like more. I’m delighted, but I could be even more delighted and I think the more rate reductions that we have, the more competition that Citizen’s is able to present, the greater empowerment there will be of the people, the consumers of Florida, so that is my hope.”

Insurance companies in Florida have until Wednesday to file new rates that reflect the reforms approved by lawmakers in January.

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