Issue Position: Reducing Property Insurance

Issue Position

REDUCING PROPERTY INSURANCE

After several Hurricanes, our state faces one of the greatest financial crises ever due to rising property insurance rates. Many individuals who have lived in our community for over twenty years are now paying more money for property insurance than they ever paid for their mortgage. Young families are finding it increasingly difficult to obtain the American dream of owning their own home because they can not find affordable property insurance. Representative Planas has a common-sense three point plan to help reduce the price of insurance.

Require the personal signature of the Chief Financial Officer and the Chief Executive Officer of any Insurance company who seeks a rate increase to personally sign the rate filling under criminal penalty if any of the information is not accurate.

Require any company who sells auto insurance in the State of Florida to also sell Property insurance in the State if they sell that product in other states.

Create alternatives to traditional property insurance using the banking and free-market system to allow certain individuals to self-insure. This would create greater competition in the market and thus reduce prices.

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