Florida Chief Financial Officer Tom Gallagher unveiled proposals today for state and federal action to strengthen the state's property insurance market and increase protections for homeowners and condominium associations after a hurricane hits.
Lawmakers at both levels must play a role in helping to ensure that homeowners and their insurers will be able to rebuild in the wake of a catastrophe, he said.
Mr. Gallagher warned, "Eight catastrophic storms in 15 months have caused more than $32 billion in insured damages, and Florida homeowners will bear the brunt of this burden if we don't act now to implement solutions to prevent an insurance market meltdown."
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