Nobody should be hoping for a light storm season this year more than Florida lawmakers--with the possible exception of Florida policyholders.
That's the view of the insurance industry given the state's new property insurance law, which industry groups argue will put the onus of recovery on the backs of the state--and by extension policyholders and taxpayers--while discouraging private carriers from entering or staying in the market.
"We have heard the calls for help from Floridians suffering from high insurance rates," said Florida's new governor, Charlie Crist, after he signed the controversial package into law last week. "With this legislation, the powerless have become the powerful, and the credit goes to the people of Florida for letting their voices be heard."
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