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Bob Carroll
Bob Carroll
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The Insurance Industry Knows Where To Deposit Its Money

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I need to get it out even if it has nothing to do with injuries. Property insurance is a disaster in the State of Florida. Homeowners are being especially hard hit. Our friends in the insurance industry have made friends with our politicians to assure that rates continue to go up, cancellations continue to be sent and campaign contributions continue to flow.

Robert Trigauz, a St. Pete Times Business Columnist, takes a look at how busy Florida’s politicians, the state-run Citizens Property insurer of last resort and big poobah insurance task forces are. Busy fiddling, that is, while Florida’s property insurance market burns and threatens the greater economy.

Blame? Plenty Fixes? None

Among Robert’s findings:

Insurance money talks. Since 1996, the property insurance industry has given $11.2-million to Florida candidates and state political parties, with roughly three of every four dollars to Republicans, according to research published by the South Florida Sun-Sentinel.

On Friday, USAA, the fifth-largest property insurer in Florida, asked state regulators for a 40 percent average rate hike, its second increase in four months.