CFO Tom Gallagher and
Governor Jeb Bush
CFO Gallagher and Senate
President Tom Lee
Lt. Gov. Jennings, CFO Gallagher, Sen.
J.D. Alexander and Sen. Pres Tom Lee at the signing.
INSURANCE RELIEF BILL STEP IN RIGHT DIRECTION
$1.2 billion set aside to help reduce premiums, hurricane-proof
After two years of intense lobbying by Florida Chief Financial
Officer Tom Gallagher and other consumer advocates, the Florida
Legislature this year approved $1.2 billion to help ease the impact
of rising property insurance rates caused by two unprecedented
Tom Gallagher, Florida’s chief financial officer, issued the
following statement after Governor Jeb Bush signed the legislation
“The Legislature was given a very complex and difficult task. After
eight hurricanes inflicting $30 billion of insured losses, there
were no easy solutions,” said Gallagher. “The bi-partisan
legislation is a step in the right direction, and it accomplishes
two goals that I have been fighting for since 2004. First, we’re
giving a billion dollars back in tax relief to help Floridians deal
with rising insurance costs and prepare for future storms. Second,
the new law will help stabilize the market by attracting new
companies and offer alternatives to the insurer of last resort.\
“Our priority must now be preparing Floridians for the upcoming
storm season. All the changes made to our insurance market will mean
little if Floridians don’t take the time to prepare.
“To help Floridians prepare for storms, my goal is to get the
hurricane damage mitigation program started as quickly as possible.
It will be a massive undertaking but it is an unprecedented
opportunity to help thousands of Floridians get their homes
hurricane-ready and save money on their insurance premiums.”
The property insurance bill signed by Governor
Bush today was sponsored by Sen. Rudy Garcia and Rep. Dennis Ross.
It includes $715 million in insurance rate relief for Florida’s
property owners and $250 million to help Floridians strengthen their
homes to better withstand hurricanes. It also institutes important
reforms at Citizens Property Insurance Corporation, including a $1
million cap on properties it covers, and requires uniform building
codes to be implemented statewide.
CFO Gallagher and House
Speaker Allan Bense.