Florida's Insurance Nightmare

Number 24937
Subject Insurance
Source Herald-Tribune (Sarasota, Fla.)
State FL
Year 2010
Publication Date 02/28/2010; 03/14/2010; 04/18/2010; 04/19/2010; 10/24/2010; 10/25/2010; 11/14/2010; 11/15/2010; 12/05/2010; 12/26/2010; 12/30/2010; 12/31/2010
Summary Six years after eight hurricanes ripped across Florida, state residents still struggle to recover from the storms' legacy - a wrecked property insurance market. Exorbitant premiums, the highest in the world, have soured the state's struggling economy, killed real estate sales and forced families from their homes. Homeowners were told that unless they paid even more, no insurance company would take their hurricane risk. The Herald-Tribune showed that is a lie. Floridians have been lied to about why there is a crisis, where their money is going, and whether they're even protected against storm losses. Public policy has been corrupted by fiction spun by the insurance industry and its supposed regulators. Billions of dollars desperately needed for the next disaster have been siphoned offshore. And millions of homeowners are left to entrust their financial security on a system rigged to extort profit. To expose the hidden truth of Florida's insurance crisis, St. John cultivated key sources deep within every aspect of the insurance industry and sought massive amounts of financial and policy data from multiple state and national entities. When it became obvious Florida's crisis was manipulated from afar, she traveled to Bermuda and Monte Carlo to discover the hidden players truly in charge.
Category Computer-Assisted Reporting
Pages 34
Keywords home insurance; property insurance; Florida; hurricane; real estate; insurance premiums; homeowners; Bermuda; Monte Carlo; state regulators; anti-trust law; State Farm
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