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It Isn’t Just The Florida Senate

The Florida House is just as incompetent: House panel passes proposal for insurance to rise without approval

TALLAHASSEE — A proposal to allow property-insurance companies to raise home-owners rates without regulatory approval passed a House committee Wednesday and was amended to include much of an insurance industry wish list.

Its supporters say the proposal would attract more insurance capital to the state and increase options for consumers. A less-ambitious version passed last year was vetoed by Gov. Charlie Crist, who says he’s still against it.

“I fear that you oppose this bill because you have a lack of faith in that free-market system,” said Rep. Ritch Workman, a Melbourne Republican. “A private business will eventually learn when they have charged too much. From the consumer perspective, there are people that would like very much to spend more to get more.”

Mr. Workman wouldn’t know a free market if he fell in it. This is a total waste of time because the insurance companies don’t want to take any risks, and there are risks associated with insuring property in an area that has hurricanes. Mr. Workman is apparently too ignorant to know that risk is the regulator of a market in the absence of actual government imposed rules, and corporations are specifically created to limit risk.

This bill requires people to pay more to get basic insurance, and then pay again for an attorney to actually get the insurance company to pay them what is owed. The only thing that insurance companies pay for are legislators to avoid having to provide what they agree to in their policies.