Nobody wants to pay any more than they have to for anything and, unfortunately, Florida lawmakers have discovered they actually have the ability to manipulate and control the insurance industry and its rates. Last year they gave consumers a rate reduction through the state-run Citizens Property Insurance Corp. This year they raised rates, but it is an election year so they did not raise them a lot. Next year they are going to raise them more (maybe?).
Meanwhile, Nationwide decided to leave Florida; Allstate decided to get smaller; State Farm was leaving — now they're staying — but not totally.
We haven't had a hurricane hit Florida in over four years, yet insurance companies are failing in frightening numbers. Pressure from the people may have driven political leaders to suppress rates but the responsibility to provide balance to what people want versus what makes sense falls in the hands of the regulators, in this case the Office of Insurance Regulation (OIR).
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