High Premiums and Insufficient Coverage Rooted in Policy Decisions
As Florida grapples with a worsening homeowners insurance crisis, intensified by hurricanes like Helene and Milton, Democratic Senate candidate Debbie Mucarsel-Powell is directing attention to Senator Rick Scott’s policies during his tenure as governor. She argues that Scott’s decisions to attract low-quality insurance companies and weaken public insurance safeguards have left homeowners with inadequate coverage and sky-high premiums.
Scott’s Privatization Push: The Insurance Market Unravels
During his time as governor, Scott focused on shifting Florida’s insurance market toward privatization, eliminating premium caps and reducing discounts that had made coverage affordable for many. This shift led to Citizens Property Insurance Corp.—the state-backed last-resort insurer—reassessing policies, stripping discounts, and increasing premiums. Many private insurers that Scott encouraged to enter Florida’s market have since withdrawn, scaled back, or folded, leaving countless homeowners scrambling for coverage.
A Call for Climate Action and Accountability
Mucarsel-Powell is using her campaign to spotlight what she sees as the dangerous intersection of climate inaction and insurance instability in Florida. “We’re experiencing more frequent, severe weather events,” she said, asserting that politicians have misled Floridians by promoting insurers that lack the financial capacity to handle large-scale disaster claims. Mucarsel-Powell criticizes the state’s oversight under Scott, claiming it allowed insurers to operate without maintaining enough reserves for major storm payouts.
Seeking Solutions: Reforms and Federal Support
In her bid for Senate, Mucarsel-Powell is advocating for robust building codes and federal assistance to make homes more resilient against extreme weather. While Scott recently proposed tax breaks to offset insurance costs for homeowners, Mucarsel-Powell backs legislation aimed at reducing reinsurance costs—a significant expense passed on to homeowners.
Citizens Property Insurance Under Pressure
Florida’s Citizens Property Insurance Corp., the insurer of last resort, is now the primary option for many homeowners as private insurers continue to exit the state. The influx of new customers has placed substantial financial strain on Citizens, with potential liabilities reaching up to $162 billion in the event of a major hurricane. If reserves fall short, homeowners across Florida may face additional fees to cover the deficit, potentially making coverage even more unaffordable.
Future-Proofing Florida Against Climate Risk
Mucarsel-Powell advocates a multi-layered approach to the state’s insurance crisis, emphasizing climate awareness, regulatory reform, and responsible development in high-risk areas. She has committed to working with other state and federal leaders, including Senator Marco Rubio, to secure resources for stronger building codes and prevent unchecked development in flood-prone zones.
As Floridians face rising insurance costs and more intense storms, Mucarsel-Powell argues that a balanced, reliable insurance system is essential for the state’s future. The stakes have never been higher as homeowners seek coverage options that can withstand the state’s evolving climate risks.