September 7, 2023, Spectrum News | Bay News 9, St. Petersburg – Florida’s former Deputy insurance commissioner Lisa Miller listened in to the webinar and said there was one issue that didn’t get a lot of attention: Reinsurance. “If our state leaders would lead public policy creating more state backed reinsurance at about 10 to 15 cents of every dollar we pay versus private reinsurance at 35 to 40 cents of every dollar we pay, then we can at least stop the rate increases from being so high. We need a leveling mechanism for these increases,” she said. Miller said cheaper reinsurance for insurance companies means cheaper insurance for homeowners. It acts like a level when you hang a picture on your wall. Miller is optimistic though, saying webinars like this show state leaders are keeping the issue top of mind, which always helps lead to better public policy. (Original story location, including video version: https://baynews9.com/fl/tampa/news/2023/09/07/insurance-leaders–combination-of-steps-can-help-drive-down-costs?cid=app_share)
ST. PETERSBURG, Fla. – Rising property insurance costs have caused concerns for homeowners in Florida, especially during storm season.
Florida’s insurance commissioner answered questions Wednesday about the state’s property insurance crisis during a virtual town hall.
Commissioner Michael Yaworsky told Democratic lawmakers during the webinar that state leaders are working with insurance companies to make sure reforms passed earlier this year are effective.
He also said the My Safe Florida home program has been helping homeowners drive down insurance costs on their own, albeit they need to spend money to harden their home for storms before realizing those savings.
“I think the legislature continuing to move in that space would be fantastic and a great option for the state,” Yaworsky said. “Looking at home hardening and mitigation credits for damage across the state.”
Florida’s former Deputy insurance commissioner Lisa Miller listened in to the webinar and said there was one issue that didn’t get a lot of attention: Reinsurance. That’s the insurance that insurance companies carry to cover them in the event of catastrophic losses.
She said in a statement:
“If our state leaders would lead public policy creating more state backed reinsurance at about 10 to 15 cents of every dollar we pay versus private reinsurance at 35 to 40 cents of every dollar we pay, then we can at least stop the rate increases from being so high. We need a leveling mechanism for these increases.”
Miller said cheaper reinsurance for insurance companies means cheaper insurance for homeowners.
It acts like a level when you hang a picture on your wall.
Miller is optimistic though, saying webinars like this show state leaders are keeping the issue top of mind, which always helps lead to better public policy.
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