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If enough insurance companies decide to stop doing business in Florida, Florida is welcome to create a state-run insurance company to serve its residents. That
by sokoloff 3y ago
If enough insurance companies decide to stop doing business in Florida, Florida is welcome to create a state-run insurance company to serve its residents.
That's literally the apparatus of the state (in both senses of the word) used to the benefit of the residents. That may just have the effect of moving the problem from "my insurance premiums are too high" to "my taxes are too high", because at the end of the day, someone has to be paid to fade the risks inherent in insuring the property against perils.
- AaronM 3y agoFlorida already has a state run insurance company for this exact reason https://www.citizensfla.com/who-we-are https://www.citizensfla.com/who-we-are
- seanharper 3y agoIn Florida Citizens is the largest homeowners insurance company and it competes vigorously with the private market. The issue with Citizens is that it does create a lot of financial risk for the state, especially since it doesn't buy as much reinsurance as a private company would.