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[quote=Anonymous][quote=Anonymous]Florida has been a failed insurance market since Andrew in 1992. Florida Citizens Property Insurance, the state’s last-resort for property owners turned down by private insurers, has 1,272,815 policies in effect at the end of April 2023 and $501 Billion in total insurance in place. While the exposure is spread around the whole state because Florida has hurricane risk everywhere, Citizens has $200 Billion in exposure concentrated in Dade, Broward, and Palm Beach counties. The number of Citizens policies peaked at 1.5 million in 2011 but then dropped to 419,000 by 2019 as private insurers came back. Since 2020, the number of policies dumped into Citizens has tripled, as private insurers fled. For the past 20 years, the bipartisan Florida proposal to address this issue is for the federal government to become the reinsurer for Citizens for a catastrophic hurricane, so that Citizens would not need to purchase private reinsurance for an extreme event.

https://www.citizensfla.com/policies-in-force?p_p_id=com_liferay_asset_categories_navigation_web_portlet_AssetCategoriesNavigationPortlet_INSTANCE_sog4FFgMitJD&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&p_r_p_resetCur=true&p_r_p_categoryId=
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The federal government should absolutely NOT become the reinsurer to Florida for hurricanes. The federal flood insurance program is already way under-capitalized. [/quote]

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