George Gibbs Center for Economic Prosperity

Solu⁠t⁠⁠i⁠ons for Res⁠t⁠or⁠i⁠ng Flor⁠i⁠da’s Proper⁠t⁠y Insurance Marke⁠t⁠

By: The James Madison Institute / 2011

Solutions for Restoring Florida’s Property Insurance Market
JMI releases white paper on property insurance reform
TALLAHASSEE – For two years, state leaders have not effectively addressed Florida’s dysfunctional property insurance system despite bipartisan support for reform.  Entering 2011, Florida’s taxpayers and economy remain at great risk for financial devastation–even hardcore gamblers know you can only go against the odds for so long without getting burned.“The time for new laws and new policies is now. Florida cannot afford to wait any longer.” –Eli Lehrer, JMI Adjunct Scholar and Heartland Institute Senior FellowIn a newly released Backgrounder, “Solutions to Restore Florida’s Property Insurance Marketplace to Protect Taxpayers and the Insured”, James Madison Institute Scholar Eli Lehrer proposes a broad range of recommendations for improving Florida’s property insurance environment.  Divided into four major sections, the study lays out Florida’s problems and unique challenges and discusses how the state can best change its policies with regard to the Florida Citizens Property Insurance Corporation, the Florida Hurricane Catastrophe Fund, the state’s built environment, and the evolving problems with sinkholes.

Goal 1: Shrink Citizens by 60 percent over the next four years.
Goal 2: Retain the Cat Fund as a self-financing “last resort” buffer for Katrina-sized events but shrink it to remove the dangers it poses to state taxpayers.
Goal 3: Make Florida the most hurricane-safe state in the nation through vigorous private and public mitigation efforts.
Goal 4: Reform policies, laws, and regulations involving sinkholes to ensure that Floridians’ legitimate claims are paid.

 “Florida has the most hurricanes of any state, $2 trillion in total coastal exposure, and a grossly dysfunctional property insurance system. Our leaders and policy makers must make significant changes, before our luck runs out.” –Dr. Robert McClure, JMI President and CEOAll JMI publications are available on-line at  To comment or request a copy, contact Tanja Clendinen at 850.383.4633 (toll free 1.866.340.3131) or