As the Democratic presidential primary process has shown, relying on polls is about one step away from using a divining rod to locate water in the desert. Both approaches promise results, but their efficacy can only be borne out after the fact. In other words, until you dig a hole and find water, the divining rod is just a stick. Still, in the absence of hard evidence, regulators, lawmakers, and the industry remain transfixed by polls that at least momentarily fill up the information vacuum.
The Property Casualty Insurers Association of America recently released the results of a statewide poll of homeowners conducted by the Public Opinion Strategies polling firm. The poll examined the attitudes of 800 likely voters who unsurprisingly, rated insurance issues as one of their top concerns for this year and beyond.
In part, the poll offers a picture of a much more sophisticated consumer than usually portrayed in the halls of the Capitol. PCI touts the fact that consumers appear to support measures that offer long-term solutions as opposed to “quick fixes.” But the poll also finds a series of contradictions. Seventy-five percent of those surveyed find the state has not delivered on their promises to reduce rates, while the same number believe that long-term rate stability is preferable to immediate rate relief.
“Floridians understand the delicate balance between long-term market stability and immediate rate relief,” said PCI CEO and President David A. Sampson. To the degree the poll's results may sway any legislative votes remains to be seen. But confronted by a tense relationship between the industry and the government, the poll at least offers a picture of consumers' views on the market.
Key Findings:
?Floridians ranked homeowners' issues as their second overall priority after property taxes. They also ranked homeowners' issues above health-care costs, education, and the economy. It should be pointed out that other studies show concern over health care to be the top issue in the state.
?Unsurprisingly, 91 percent of consumers agreed that the state should focus on helping reduce losses through better storm proofing. Some of the items mentioned pointed to the use of the statewide building codes and possible restrictions on zoning.
?While 75 percent say legislators failed to deliver on reducing rates, a same percentage said that long-term rate stabilization is more important than immediate rate relief. When asked how best to address the property insurance market, voters supported a variety of financial approaches. Ninety-one percent supported strict building codes, and 85 percent said that homeowners should be able to take a personal income tax deduction to offset mitigation costs. Another proposal called for letting homeowners establish a tax-free hurricane savings account, which could be used to fund policyholder deductibles.
?According to the poll, Floridians remain uneducated about the potential assessments they could face. For example, 71 percent of those surveyed said that they were not aware that the reforms enacted last year could allow the state to assess all lines of insurance — minus workers' compensation and medical malpractice — in the case that there is a financial shortfall in Citizens' Property Insurance Corporation.
?At the same time, 80 percent of those surveyed supported allowing homeowners' insurers to set aside tax-free monies that could only be used in the event of losses from a hurricane or other natural catastrophes.
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