Janet C. Long's Strategic Plan for Florida's Property Insurance Reform

Overview of Janet C. Long's Five-Point Insurance Reform Plan

Janet Long's strategy encompasses several key reforms designed to overhaul the property insurance landscape in Florida, which has been plagued by high premiums and limited coverage options. Here’s a detailed look at her proposed plan:

Reorganization of Citizens Property Insurance

• Objective: Transform Citizens into a competitive, statutory insurance entity.
• Details: This reform would enable Citizens to offer competitive rates by conducting risk analyses similar to private insurers, removing the requirement to maintain the highest rates in the market.

Establishment of a Regional Insurance Consortium

• Objective: Create a consortium for windstorm coverage across the Gulf Coast and Atlantic states up to Maine.
• Details: Similar to the National Flood Insurance Program, this consortium would pool resources to provide more substantial windstorm coverage and lobby for tax-exempt savings for catastrophic coverage.

Regulatory Reforms to Attract Private Insurers

• Objective: Encourage private insurers to offer services in Florida by capping their liability.
• Details: Introduce a liability cap ranging from $150,000 to $200,000, with additional layers of risk covered through various reinsurance levels.

Restructuring the Hurricane Catastrophe Fund

• Objective: Ensure the fund is used solely for consumer benefits and prevent diversion of funds.
• Details: This involves a thorough review and potential restructuring of all assessments related to the catastrophe fund and Citizens to focus solely on consumer relief and recovery.

Creation of a Property Insurance Savings Account (PISA)

• Objective: Provide a tax-exempt savings opportunity for homeowners to mitigate losses.
• Details: A portion of every premium paid would be allocated to an interest-bearing account, potentially matched by private markets, the state, and other funds. These funds could be used for home hardening or as deductibles in storm events.

The Urgency of Insurance Reform in Florida

Despite a relatively mild weather year in 2022, Florida's history of hurricanes and the ongoing climate change crisis suggest that more challenging years lie ahead. The state's insurance market has seen increasing instability, with several insurers pulling out of the market or facing insolvency. According to a 2021 report by the Insurance Information Institute, Florida accounts for just 8% of all U.S. homeowners insurance claims but 76% of lawsuit-related claims, highlighting the state's volatile insurance landscape.

Long's Experience and Commitment

Janet Long emphasizes her readiness to leverage her background and experience to implement these reforms effectively. Her campaign focuses on transcending partisanship to prioritize public service, policy, and the people of Florida.

Conclusion

Janet C. Long's comprehensive plan addresses the immediate needs of Florida's property insurance sector with forward-thinking strategies. By focusing on both regulatory reforms and consumer benefits, Long aims to create a more stable and equitable insurance market in Florida.

For more information on Janet C. Long's campaign and her insurance reform plan, visit her official campaign website here.

Note: The details in this article are based on Janet C. Long's 2006 campaign proposals and may have evolved. For the latest updates, please refer to her campaign communications.