On the heels of certain reforms in Florida's 2013 Legislative Session, the James Madison Institute and the R Street Institute released a policy study that outlines pragmatic reforms that would have a meaningful effect on stabilizing the Florida property insurance market without requiring big hikes in primary insurance rates.
The study — titled “Ten Reforms to Fix Florida's Property Insurance Marketplace – Without Raising Rates” — reports that, despite storm risks, Florida has seen its population and its built environment grow dramatically; growth has increased the state's coastal exposure by $2.9 trillion, the most of any state.
Additionally, the report notes that the property insurance market is plagued by uncertainty, government intrusion and regulatory overreach, and that there is an ongoing risk that multiple government agencies might levy assessments on property insurance policies after a major storm or series of lesser storms poses a meaningful risk.
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