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Atwater wants answer: why aren't property insurance rates dropping?

Property insurance imageIn a letter to Florida Insurance Commissioner Kevin McCarty, Chief Financial Officer Jeff Atwater asks why it is that as re-insurance costs for property insurers are dropping, they are not lowering premiums for Florida customers. 

He doesn't ask McCarty to do anything about it. He doesn't suggest he is going to do anything about it, but he is raising the point. Here's his letter:  Download 8.7.2013 Letter to Commissioner McCarty

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Seth Platt

My insurance rates doubled and are set to go up again.
Furious and will never support anyone who supported the latest insurance scams coming out of Tallahassee.
Great way to punish young first-time home buyers who tried to help out the economy by buying a home when the economy in Florida was bad. Atwater is the only Republican in Florida with any sense.

whasup

It's very simple. Two huge financial sector interests own most of most of our homes for most of us, depending on how much remains owed on our mortgages.

The bankers point their guns at the homeowners' heads because the mortgage terms require insurance. The insurers happily collect the extortion money, and get to charge pretty much whatever insurance price their high paid actuaries massage the data to say the market requires.

If they were mobsters organizations such a cooperative, collusive extortion racket would land them in prison.

Anti-Tallahassee

Atwater is posturing for his re-election bid next year. The Republicans are justifiably in trouble. They are willing to cut just about anything, but they don't blink an eye when property owners get hit with ridiculous premiums YEAR AFTER YEAR. The Republicans allow an absurd once in 50 year storm as a base line actuarial assumption. They allow lame arguments about reinsurance costs while they IGNORE the quarterly and annual profit statements of the insurers. This is all smoke and mirrors. The insurance industry OWNS Republicans in Tallahassee.

Jeff Stoffa

This is terrible. New York was able to cut premiums in half. To me, this is the same as a state imposed tax increase. Between Florida refusing the federal Medicaid dollars and now doing nothing to bring premiums down when other states have, this is leaving taxpayers to continue to carry the burden to pay for the uninsured who go to emergency rooms for headaches.

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