R Street Institute: Florida's Homeowners' Insurance Market Is On Life Support

WASHINGTON, Feb. 24 (TNSres) -- The R Street Institute issued the following news release:

Florida TaxWatch and the R Street Institute released a new report that examines the causes of the Florida insurance market crisis and proposes solutions to stabilize the market.

The principal cause of Florida's failing property insurance market is out-of-control litigation. Frivolous lawsuits have resulted in insurers failing or leaving the state, and premiums for Floridians spiraling upward. The solution lies in two bills introduced and passed in the May and December 2022 special legislative sessions. They included impactful measures that should curb one-way attorney fees and that prohibit the awarding of attorneys' fees to an assignee in assignment of benefits litigation.

The authors add, "Florida homeowners deserve a reasonable market and need not be used for a litigation shakedown that picks their pockets. Now it is up to the legislature to stand firm, and maintain resolve to see the reforms through."

This report is part of a series published in partnership with Florida TaxWatch. Part one addressed the challenge of maintaining water quality in Florida as climate change continues to threaten the state. Part three will examine Florida's natural infrastructure and climate change.

As an independent, nonpartisan, nonprofit taxpayer research institute and government watchdog for over forty years, Florida TaxWatch works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on residents and businesses.

The R Street Institute is a nonprofit, nonpartisan, public policy research organization. Our mission is to engage in policy research and outreach to promote free markets and limited, effective government.

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Report link: https://www.rstreet.org/wp-content/uploads/2023/02/r-street-short-no-123-co-branded-FINAL-1.pdf

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Original text here: https://www.rstreet.org/commentary/floridas-homeowners-insurance-market-is-on-life-support/