Ocala StarBanner
By David Hart
May 20, 2012
The Star-Banner’s recent editorial, “The Cat Fund is not storm ready,” was an accurate assessment that incremental reforms are needed for Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund. We’ve known the Cat Fund has not been storm ready for years, yet elected leaders have failed to make necessary changes.
To secure Florida’s future, the Florida Chamber of Commerce has long-supported reforming Citizens and the Cat Fund. While lawmakers have taken steps to right-size Citizens and begin returning it back to its intended role as insurer of last resort, it continues to remain the largest property insurer in Florida. Changes to both government entities will help eliminate hurricane tax assessments that pose serious financial threats to homeowners, businesses and charitable organizations.
Important insurance reform legislation that would have helped stabilize the Cat Fund with sensible and modest increases failed earlier this year because of negative public perception. In reality, those proposed increases were so minor that they would have actually saved Floridians over time when compared to the hurricane tax assessments that Floridians may be stuck with for as long as 30 years.
It is time to accept that change is needed. The alternative is far too risky.
David Hart
Vice President,
Governmental Relations
Florida Chamber
http://www.ocala.com/article/20120530/OPINION02/120529659?p=3&tc=pg
