Florida is too cozy with property insurers
Why won’t Florida make significant policy changes governing Florida homeowner insurance companies?
Citizens Insurance was established in 2002 to provide coverage to homeowners who are unable to find affordable insurance in the private market. However, the insurer has faced financial challenges and is often seen as a burden on taxpayers. Despite this, Florida lawmakers have yet to find the right balance between ensuring access to insurance for all homeowners and maintaining a stable and competitive insurance market in the state.
Consequently, many Florida constituents are suffering under massive policy rate increases that seem to have no end in sight. Even the requests from Florida officials that homeowners “need to be patient” as their annual insurance rates skyrocket have not eased the burden and continue to foster distrust in Tallahassee’s ability to solve this crisis.
Creating a state hurricane insurance program is a path that can lead to statewide reduction in homeowner insurance premiums and bring control over hurricane claims, costs and repairs. It’s a solution that works for all Floridians. However, the idea and solution has yet to gain any traction among policymakers.
It’s time for the leadership in Florida to reevaluate its relationships with Citizens Insurance and many existing Florida homeowner insurance companies. Florida leadership must start listening to Florida homeowners and find solutions that ensure access to affordable, quality insurance for all Florida homeowners.
Scott Schneider is a resident of Delray Beach.