For five years, Floridians have struggled to fix the state’s property insurance system, ricocheting between attempts to appease the industry and punish it. They’ve seen premiums rise as much as 350 percent on the coast and witnessed the cancellation of 2 million policies. Thousands of homeowners now can only find insurance from a state pool that many believe could not pay its bills after a major hurricane.
Despite no hurricanes in five years, Florida insurers are demanding yet more money from homeowners. At the same time, the capital that insurers have on hand to pay claims has shrunk.
Investigative reporter Paige St. John took the lead as “the Herald-Tribune spent more than a year examining the Florida insurance market in an attempt to find out why”. The resulting stories and interactive applications are a must read.
The interactive application (below the jump) will make the time pass quickly on this cold and dreary Sunday.