Florida Faces Crises in Auto, Property Insurance Markets
Despite bipartisan support for reform over the last three years, Florida’s legislature has not effectively addressed the state’s dysfunctional property insurance system. Add to that emerging concerns regarding the long-term sustainability of Florida’s vehicle insurance system, and the state now faces dual crises in its insurance markets.
“If the Florida legislature does not reform vehicle insurance, it will run the risk of seeing vehicle insurers leave the state. If it does not reform property insurance, it will run the risk of an all-out fiscal catastrophe,” says Eli Lehrer, vice president of The Heartland Institute.
In a newly released white paper, “Workable Solutions for Florida’s Challenging Insurance Problems,” James Madison Institute Adjunct Scholars Lehrer and R. J. Lehmann outline the cases for reform and propose a series of recommendations that could be immediately addressed.
According to Lehrer, “While legislators cannot solve in one session all the insurance-related problems that face Florida, they do have an enormous opportunity to make a very real dent in some of them. This paper focuses on reforms that could reasonably be implemented in the 2012 Legislative Session and thus could begin to make a meaningful difference in Floridians’ lives very shortly thereafter.”
Property Insurance Reforms Recommendations
Florida’s geographic vulnerability to hurricanes and tropical storms cannot be changed. Earlier legislative efforts to address rapidly rising property insurance rates resulted in the creation of a state-sponsored property insurer, Citizens Property Insurance Corp., and reinsurer, Florida Hurricane Catastrophe Fund (Cat Fund); however, both have ballooned beyond their ability to handle the risks they face.
Retain the Cat Fund as a buffer for Katrina-sized events , but shrink it to remove the dangers it poses to the state.Cheap Auto Insurance Fl - News
The reality is that cheap Florida car insurance is possible. Savings experts at InsureonaBudget.com discovered that a few criteria can qualify Florida drivers for quick discounts. For example, driving less than 25 miles per day, or having no car
Add to that emerging concerns regarding the long-term sustainability of Florida's vehicle insurance system, and the state now faces dual crises in its insurance markets. “If the Florida legislature does not reform vehicle insurance, it will run the
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10, 2012 /PRNewswire via COMTEX/ -- Esurance, the direct-to-consumer personal car insurance company, is giving away two free Platinum badges to this year's South by Southwest® (SXSW) Music Conference and Festival in Austin, Texas.
About three Crucial Ideas to Cheap Vehicle insurance inside ...
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