Will Obama’s support of new legislation help Florida homeowners?

President elect Obama claims to support legislation that creates a cap on insurance company losses from major hurricanes or other major storm losses. If insurance companies are protected from the major financial losses associated with these storms, they may be more willing to write policies in Florida, Louisiana and other disaster prone states.

What does this mean for homeowners?

If major companies that are currently refusing to write policies in states like Florida and Louisiana begin insuring homeowners again, the home insurance rates may decrease, creating more affordable home insurance for these homeowners.

Top 3 Most Expensive States for Homeowners Insurance:

• Texas $1,372
• Louisiana $1,144
• Florida: $1,083

If and when this bill will pass is uncertain at best. Some insurers don’t support the government’s intervention in the marketplace which has stalled the bill from passing in the Senate. One group however, coastal homeowners, we know are rooting for this one.