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Florida Chamber: Hurricane Taxes Less Likely Due To Citizens Insurance
January 18, 2015
Florida Chamber President and CEO Mark Wilson recently praised the continued efforts of Citizens Property Insurance Corporation to shed insurance policies and send them to the private market, thus decreasing the chance that Floridians would be saddled with hurricane taxes after a major hurricane.
In the last three years, the Chamber reports, the number of Citizens’ policies have fallen by roughly 50 percent, from 1.5 million to 727,122, and exposure has fallen from $500 billion to $229 billion. Wilson believes the unprecedented drought of hurricanes to hit Florida — more than nine years to date — is the right time to look into private market solutions to prevent future taxes.
“While Florida’s storm-free years have benefited Floridians by eliminating hurricane tax assessments, it would be irresponsible to believe Florida will forever be spared from future costly storms,” Wilson said. “Now is the right time to prevent hurricane taxes from creeping back onto to insurance policies by looking to private market solutions to absorb Florida’s future hurricane risk.”
In the last decade, Floridians statewide have been paying more in their monthly automobile, homeowner, business and other insurance bills to account for billions in hurricane taxes. Members of Stronger Safer Florida, a nonpartisan coalition comprised of business, consumer and environmental groups, believe Citizens Property Insurance Corporation, which provides much of the coverage for coastal properties statewide — many of which are vacation homes of out-of-state and foreign citizens – must return to its proper role as the state’s “the insurer of last resort.”
Members also support reform to right-size the Cat Fund to a level where it can reliably keep its promises, reduce economically and environmentally unsound cross subsidies and incentives and prevent future hurricane taxes. Stronger Safer Florida also believes both of these reforms treat Florida residents and businesses more equitably, encourage storm proofing of homes and reduce the risk of growing state bonded indebtedness.
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