Gov. Charlie Crist promised Wednesday that he would veto any legislation that raises property insurance rates.
Speaking to a crowd of Realtors in the Capitol Courtyard, Crist pledged to hold the line on insurance costs, which could increase under several bills being considered by lawmakers.
Realtors who gathered for "Great American Realtor Days" applauded the governor as they dined under tents outside the legislative complex.
The Realtors also gave a warm reception to Chief Financial Officer Alex Sink, who spoke after Crist.
Sink, a Democrat running for governor, called small businesses -- including real-estate agents -- "the key to Florida's economy."
Wendell Davis, president of the Florida Association of Realtors, said his group appreciates Crist's support in keeping the costs of home ownership down.
"Anything that helps make home ownership affordable is helpful," Davis said after Crist's short address.
But the state's insurance industry is pushing to streamline and accelerate the rate-increase process to bolster its financial foundation, and to brace for future hurricanes.
The private market and the state-run Citizens Property Insurance Corp. say that rates need to responsibly reflect the ongoing perils of storm-prone Florida. A more-active-than-usual hurricane season is predicted this year.
Insurers may have found common cause with Realtors on at least one thing: repealing the windstorm mitigation rating disclosure law set to take effect Jan. 1, 2011.
The law requires sellers in wind-borne debris regions to provide buyers with a hurricane resistance rating, which is established by windstorm inspectors.
"When the My Safe Florida Home program was funded, these inspectors were certified by the state. Now they aren't," the Realtors association said in a statement.
"There's also substantial evidence that the inspection and reporting process is rife with fraud," the association added.
"It's estimated that up to 50 percent of the mitigation premium discounts that Citizens Property Insurance Corp. offers -- amounting to $390 million -- may be false. Consequently, Florida's taxpayers will be left paying the bill in the form of assessments if a hurricane strikes."
The Florida Insurance Council has voiced similar concerns about the accuracy of the state's storm-mitigation discount program.
Realtors were in a generally upbeat mood Wednesday, still basking in the latest association statistics that showed sales of existing Florida homes were up 21 percent in February, compared with February 2009. Existing condominium sales were up 59 percent during that period.
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Contact Kenric Ward at kward@sunshinestatenews.com or at (772) 559-4719.
