2 federal bills aim to bring down rising home insurance premiums

08/17/2009 | SmartMoney.com

Federal lawmakers are expected to take up two property insurance bills aimed at curbing costly homeowners' premiums in coastal and other disaster-prone areas when they come back from recess. After the devastation of Hurricane Katrina and other catastrophic storms in 2005, insurers raised their rates to shore up capital reserves enough to handle two instead of one 100-year storms, according to PCI Vice President Don Griffin. Critics remain skeptical whether the bills will clear Congress, especially the Senate.

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