Florida Governor Vetoes Home Insurance Legislation

The debate over home insurance prices in Florida may be heating up in the wake of a recent veto by Governor Charlie Crist.

The Florida governor made national news with his veto of a bill that would have given large insurance companies more power to raise homeowner premiums in hurricane-prone parts of the state.

According to a Miami Herald report, Crist issued his veto with an eye on protecting consumers' finances during the recession, but his move was opposed by some large industry groups and insurance companies, who had warned that consumers could suffer in the longer term if some insurers end up deciding to leave the state.

The newspaper also notes that the legislation was approved by about 85 percent of state lawmakers, which raises the prospect that an attempted veto override could be the next front in this issue.

Home insurance rates have been a growing issue in parts of the country that are prone to severe weather events like hurricanes, tornadoes and floods, especially in light of some of the major storms that have caused billions in property damage this decade.