Florida’s insane insurance market has a dirty little secret.
The
Also lawmakers: We are really, really busy fighting drag queens and going through elementary school bookshelves with magnifying glasses to detect "wokeness."
And yet there's an interesting and important idea, one that has surfaced repeatedly in
That should infuriate anyone who has looked at their insurance bill lately and seen their ever-rising premiums. Or those who have raised their own deductibles, praying all summer that they don't get hit. Or those going bare, dropping all hurricane insurance once the house is paid off and hoping for the best, because the cost of insurance costs in this state is utterly untenable. It's unpredictable, too, a terrible thing that can push you out of your home if you are retired and on a fixed income.
The idea that might actually help
It's neither a perfect idea nor a new one. It's been brought up a bunch of times — in 2006, 2011, for starters, and even late last year in an op-ed in the
But here's the dirty little secret: The idea never goes anywhere because domestic insurers wouldn't make as much money. That's how beholden the
They won't tell you that. Who would confess to being controlled by interests that run counter to your constituents' interests? But that's what's going on, as the Herald/
The idea, despite its obvious value in any discussion of the market, was considered a "political hot potato," the story said. Small insurers may struggle to pay out claims in storm-heavy years, but they were making enormous profits in storm-free years. Also, they were big political donors. Stripping hurricane premiums from their companies and putting the money into a state fund was a non-starter for political reasons.
Lawmakers insist they are trying. Last year, they held a short special session allegedly to tackle the insurance problem. They ended up passing legislation limiting lawsuits that insurers blame for many of the belly-up insolvencies and record premiums.
Will that help? Some maybe, but of course they also couch that by saying we have to wait a few years before seeing results. Wait? That's mighty convenient for them. There's no way to measure for sure if they did any good or are simply buying time while we all suffer.
But what about a statewide insurance pool to break the boom-and-bust cycle on insurance for good? Where's the discussion on that?
Crickets.
Culture wars, they should remember, don't pay our bills.
An editorial from the
Open Meeting of the Federal Advisory Committee on Insurance
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