Florida Insurance Market – Another Step Towards Stability after the Election
I want to thank Florida Public Adjuster Michael Platts for penning this excellent commentary.
By Michael W. Platts
So, the hotly contested election in Florida is over. What’s next? How will the results impact the policyholders in our State? This is a key issue for a number of reasons; including the importance of affordable insurance costs, the role it plays in the recovery of the real estate market and the economy of our State as a whole.
Governor Scott is perceived by some to be “an insurance company guy.” But to be fair, he and the legislature (whether you agree with their methodologies or not) have brought more insurance companies into the state as the Governor continues to implement policies designed to reduce the presence of Citizens Property Insurance Corporation. Most experts consider this to be a positive privatization evolution.
The concern which the people of Florida should have involves the relative financial strength of some of these insurers. Many of them are new and may not have the capitalization to withstand a major hit from a hurricane which Florida has been spared for an unprecedented nine years in a row. It should now be the job of the Legislature, the Governor, our Chief Financial Officer and his Insurance Commissioner to ensure that both adequate insurance is available and these insurance policies are able to indemnify the potential mass numbers of policyholders who will be impacted by the next major storm. It’s not a matter of if the next named storm occurs, but rather it’s a matter of when.
We the people deserve a reasonably priced product of legitimate quality and it’s our belief that the only way to ensure this is to have access to the broadest possible number of viable property insurance carriers within the market. Sustainability is the key. The increasing availability of reinsurance should only strengthen the potential for securing this objective.
Speaking of the Florida Legislature, we would like to congratulate Representative Carlos Trujillo for winning re-election to District 105 and Representative Frank Artiles for his re-election victory in District 118. Both of these individuals bring a balancing perspective to the Florida State Legislature by being advocates for property policyholders and a fair insurance claims process.