Statement from The James Madison Institute on the Passage of the Property Insurance Reform
With today’s passage of sensible and meaningful reforms, Florida policymakers have taken a huge step forward in restoring sanity to our property insurance market. For too many years homeowners have been held hostage to the abuses of Florida’s tort system. Those abuses have made the state a haven for fraudsters making fortunes taking advantage of homeowners. Policymakers can’t change Florida’s geography or our storm prevalence. They can, however, ensure that the insurance market reflects the risks of storms and damage, rather than the risks of fraud and lawsuit abuse. And to that end, they have succeeded.
The James Madison Institute thanks Speaker Paul Renner, President Kathleen Passidomo, and legislative leaders who shepherded complicated policy deftly.
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