by R.J. Lehmann
James Madison Institute
November 14, 2013
Backgrounder
Florida’s property insurance system remains broken and in need of significant changes. The market is plagued by uncertainty, government intrusion, and regulatory overreach. Moreover, the ongoing risk that multiple government agencies might levy assessments on property insurance policies after a major storm or a series of lesser storms poses a meaningful risk to the state’s post-disaster economic recovery. The quickest and most effective solution to would be to charge rates that are market-based and actuarially sound. Such a shift would level the playing field, allow private insurers to better compete in Florida, spread the risk among more companies and, ultimately, lower premiums over time.



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