Abandon All Hope for Residential Property Insurance Rate Increases this Year

You might want to grab a tissue as you're reading this blog, private insurers.

Sen. Mike Bennett, R-Bradenton, halted his effort to pass this session a bill that could raise residential property insurance rates by as much as 10 percent annually. The Senate Policy and Steering Committee on Ways and Means had scheduled a vote on the bill, but Bennett called for his fellow lawmakers to pass over the bill.

The reason?

Gov. Charlie Crist won't budge on his promise to veto any legislation permitting insurance rate increases. Crist has been listening to Insurance Commissioner Kevin McCarty, who Bennett said has "proven himself to be totally incompetent," and there's no time to change his mind. Bennett said a similar fate awaits the House companion bill, which was on second reading on the House floor today.

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