Legislature’s Property Insurance Deregulation bill is being debated though the Florida state governor Charlie Crist is not in favor of such a bill. Last year the governor vetoed the bill as it was proposing for complete deregulation of the major property insurance companies in Florida.

This year the revised bill seems to ask for 5% increase in the first year, 10% increase in the second year and 15% increase thereafter with no regulation whatsoever. This is deregulation in disguise.

The argument put forth by the bill’s opponents is that while a senior citizen saw no hike in his social security check, how could they afford the property insurance rake hikes? The supporters suggest that pending a harsh hurricane season, if the rates are not increased many property insurance companies would bite the dust and that already the insurance companies are wary of doing business in Florida.

End of the day its no good news for Florida’s home insurance holders as have to face a rate hike in their insurance premiums. It should be noted that insurance companies make millions by moving the premiums to other ventures instead of holding the premiums to take on the losses during hurricane seasons.