April 24th, 2008 9:57 PM by Sherry Lee
The following is taken from information provided by Congressman Tim Mahoney
In order to reduce the high cost of homeowners insurance, Congressman Tim Mahoney sponsored and passed the Homeowners Defense Act of 2007.
This bill gives states the option to participate in the pan by allowing their state-sponsored insurance funds to voluntarily pool their catastrophic risk with one another. Private markets - not tax dollars - would take on the risk through catastrophe bonds and reinsurance contracts. Homeowners throughout Florida and the US will have more access to insurance, which will result in lower rates.
Knowing that property taxes have doubled for many in just the past few years, Mahoney also introduced the Homeowners Property Tax Relief Act. This legislation allows homeowners who fall under the AMT (alternative minimum tax) to deduct state and local property taxes. The bill will cut taxes for almost 12 million Floridians by more than $2,000 per year.
For more information, please visit www.mahoney.house.gov