Last January, Florida enacted sweeping property insurance “reforms.” Unfortunately, those reforms will do little to increase coverage or, in the long run, decrease the cost of property insurance.
Instead, they put the state and all policyholders on the hook for huge potential tax increases and assessments.
Louisiana’s Legislature will address the property insurance issue in the current session. Thank goodness, Gov. Kathleen Blanco isn’t drinking the Florida property-insurance Kool-Aid.
She is standing behind a reasonable package of bills that stands a much better chance for success in addressing our property insurance problems than the Florida approach is likely to accomplish.