Study: Let private market set property insurance rates

Real Estate Broker/Owner with David Wain Realty, LLC

Study: Let private market set property insurance rates

© 2010 Florida Realtors®

TALLAHASSEE, Fla. - Aug. 13, 2010 - The Florida Chamber of Commerce and the Property Casualty Insurers Association of America (PCI) conducted a study on Florida voters' attitudes about property insurance. According to the poll, the majority of voters think long-term property insurance stability is a public policy goal of utmost importance and should be a top priority for Florida's next governor.

Public Strategies Inc. took the poll of 800 registered Florida voters July 26-31. The poll measured public attitudes toward business, insurance and opinion leaders, as well as voter preferences in the races for governor and U.S. Senator.

"Rather than thinking that government is the answer to our property insurance problem, Florida's next governor should develop market-based, fiscally responsible solutions that don't leave taxpayers holding the bag," says Adam Babington, vice president of governmental affairs for the Florida Chamber of Commerce. "We have said for years that Florida is financially unprepared for a hurricane, and it's clear that the voters of Florida agree."

Key findings include:

· Voters believe property owners in coastal areas should pay higher homeowners insurance rates than those who live inland by a 55%-42% margin.


· Less than four in 10 realized that the state can tax insurance policies to subsidize Citizens Property Insurance, the state-run insurer of last resort, and only one in five favors that policy.


· A solid majority (65%) would give policyholders one year to file an insurance claim.


· Insurance agents are seen as highly credible on homeowners insurance issues. The governor, homeowners insurance agencies, media outlets and the Florida Chamber of Commerce are also viewed as credible.

"Florida voters believe changes to insurance laws over the past four years that promised to improve conditions for consumers have failed, with 86 percent of homeowners believing their homeowners insurance situation has either stayed the same or gotten worse," says William Stander, PCI's vice president and regional manager for Florida. "Nearly 50 percent of consumers think their homeowners insurance situation has gotten worse, while only seven percent think conditions have improved. Clearly, government must work with insurers and consumers to find long-term, common-sense solutions that work for all of us."

© 2010 Florida Realtors®


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