People looking to move to Florida may be interested in news a bill is about to be decided about the insurance market there.

Governor Charlie Crist is about to decide whether to veto or sign the bill which – if passed – would partially deregulate the property insurance market in Florida, reports jacksonville.com.

He said: One of the things that I don’t want to see happen is an unfettered opportunity to raise property insurance rates."

Insurance companies would be able to charge rates that would be free of control by the Office of Insurance Regulation.

The creator of the bill, Bill Proctor, said the bill will give homeowners the choice whether they want to pay less for companies that might not be able to cover them if a storm hit or pay more for "more reliable insurance".

In related economic news, last week saw the American Bankers Association’s Economic Advisory Committee saw a 0.5 per cent rise in the country’s gross domestic product.

This rise could preceed a rise in property prices in Florida and beyond.

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