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Schultz: Citizens of Florida need Citizens Property Insurance

The new chairman of the insurance company that the ruling class in Florida hates but the state needs has this politically inconvenient but realistic attitude about hurricane insurance: "We're all in this together."

Carlos Lacasa served in the Florida House, where insurance agent/legislators from less hurricane-prone areas scold South Floridians - Mr. Lacasa is from Miami - for supposedly placing the entire state at risk by building so much near the coast. Most of those properties secure wind coverage only from Citizens Property Insurance Corp., which Mr. Lacasa helps oversee.

Everyone wishes that Citizens didn't have to exist. Everyone wishes that Florida didn't need a "last-resort" state-run insurer that has more policies than any other company. Everyone wishes that Florida had a competitive private hurricane insurance market.

Such a market, though, hasn't existed for 20 years, since Hurricane Andrew punched through southern Miami-Dade County. The state had to create a $16 billion - increased at one point to $28 billion - subsidy for private companies to help pay claims in bad years, and then came 2004 and 2005. Last-resort Citizens has become only-resort Citizens for 1.5 million Floridians.

This drives the free-market ideologues crazy. It annoys the agent/legislators who covet Citizens policies. Citizens, though, is here to stay, and the main reason is economics.

Citizens, Mr. Lacasa said in an interview, must "strike a balance between two important interests: real estate, which requires insurance at affordable rates, and doing this business in a way that reduces the likelihood of assessments. Those are competing interests, I know."

All Floridians are being assessed for the claims that Citizens couldn't pay from the Wilma season of 2005. It could happen again, because premiums don't cover the company's exposure. But raising rates that high would mean premiums in South Florida that kill the real estate market before it recovers.

Should we be here » Archives » Florida Mobile Home Insurance

A: Well, which kind of Florida mobile home insurance you should buy depends on how much money you have and also where you live. You should consider expenses, of course–all risk Florida mobile home insurance is more expensive. However, all risk Florida mobile home insurance also covers more.

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