Republicans Are Coughing Up Billions to Save Florida’s Home Insurance Market

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The state's insurance companies are struggling to survive an onslaught of hurricanes and litigation.

When reinsurance gets more expensive, it spells trouble for small insurance companies like the ones that dominate Florida, said Sridhar Manyem, a researcher at the credit rating agency AM Best and the co-author of a“They might have to drop some customers, they might have to raise rates, they might have to borrow more money at a pretty atrocious cost to buy reinsurance,” Manyem told Grist.

But the elephant in the room is the looming rise in reinsurance prices, which will make it even harder for Florida insurers to turn a profit next year. Reinsurance costs account for about half of the actual premiums that Florida homeowners pay, and that number is likely to rise.“Right now that doesn’t look really good for any major carriers that might be thinking about writing in Florida, or even carriers that have been writing and might be thinking about leaving,” said Born.

“It would be temporary, and it has to be contingent on getting major reforms so we actually fix the situation,” Paul Renner, the incoming speaker of the state House of Representatives,

 

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Aren't Republicans - starting with their governor - always 1000% OPPOSED to helping anyone with taxpayer-assisted support? I guess only when the shoe is NOT on the other foot....

Very Telling. Not buying Votes st All.

You mean “Republicans are coughing up billions in tax dollars”. They aren’t paying for anything, the people of Florida will be paying.

Insurance. The greatest scam ever. Pay people to help you later on, except when it's time they make you jump through hoops to get any assistance. Look for ways to get out of paying out any money and any chance to blame you instead. That's all any insurance company does.

Let The Free Market Do Its Magic Unless It Hurts Republicans And Then Its Straight Welfare

Why, if they build in a flood or hurricane prone area they need to pay out the a$$. Why should I have to pay for them.

I thought they were the party of small government and free markets?

Florida's getting near impossible to live in.

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