HURRICANE INSURANCE

Florida’s hurricane insurance market is headed for crisis. With 8 named hurricanes hitting our shores in fifteen months, many Floridians are struggling to cover rising premiums and assessments. Too many Floridians are being forced into Citizens Property Insurance Company, supposedly the insurer of last resort, which could hold more than 1 million policies by the end of the year.

As Democratic House Leader, I fought Republican proposals that made it easier for insurance companies to raise rates and remove important consumer protections. The House Democratic Caucus created our own hurricane proposal, which would stabilize the hurricane insurance market and lower the cost of insurance over time. We have even created a website for Floridians to learn more about our plan, www.StormingMad.com. Our proposal is outlined below:

Stabilizing Florida’s Hurricane Insurance Market

Stabilize Florida’s hurricane insurance market by reforming Florida’s CAT Fund to provide hurricane insurance policies to every Floridian, up to $500,000.
Allow private insurance companies to write the Fund’s policy, while not maintaining the risk, which increases competition among these companies for the balance of the homeowner’s policy.
Encourage hurricane mitigation by offering Floridians with no-interest loans to fortify their homes.