Florida

I don’t care what party the governor is from, you can’t entice insurance companies to stay by telling them to either sell affordable property insurance or they aren’t allowed to sell at all, because they’ll leave. I have a good friend who is the FL CEO of a major insurance company and he told me that in order to purchase $60 million in reinsurance they had to pay $61 million. You do that you eventually go broke. The insurance company he’s with is contemplating pulling out of the State, and there’s no one standing in line to come in, I guarantee that. Insurance companies either collect enough money in premiums to put in the pool to cover expenditures or they leave. Sux, I know, but that’s the cost of doing business.

Can homeowners in FL get some relief? A few decades without major storm damage would help. Frankly, I don’t know the solution. But I know what’s not the solution, and that’s saying that if the insurance companies want to sell any kind of insurance in Florida, then they have to sell property insurance at competitive rates.