Online insurance quote likely to increase in Florida

Homeowners who are shopping for an online insurance quote may find themselves paying more in the near future if they happen to be Florida residents.

A report in Florida's Sun-Sentinel newspaper describes an ongoing effort by state lawmakers to enact property insurance reforms that are almost guaranteed to result in higher premiums for almost every homeowner.

That's because the state's hurricane-prone coastlines have resulted in some severe financial blows for insurance companies in recent years, prompting some of them to either leave the state or avoid doing business there in the first place.

According to the newspaper, provisions in one version of the legislation would allow private insurance companies to increase premiums by as much as 10 percent a year with little say from the state. Other provisions would reportedly give the insurance companies more flexibility when it comes to spending money on advertising and agent commissions while also phasing out part of the state's Hurricane Catastrophe Fund.

Supporters of the bill maintain that greater deregulation and flexibility will help the industry in light of the state's property risks, while opponents have expressed concern about its impact on state consumers who may be dismayed next time they log on for an online insurance quote.

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