I don't think you understand the situation at all.
In fact, I'm sure you don't.
A significant number of Florida residents have had their homeowners/property insurance nonrenewed and the new premiums are 2, 3, 4 times last year's premium...when they can get insurance.
Property that isn't homesteaded or primary residence may have premiums that cannot reasonably be met.
Those that own rental property may not find insurance at all.
Now you have thousands and thousands of residents who cannot insure their property and cannot sell it.
This isn't one or two people.
Mine is between double and triple but I can handle it, but I'll probably sell and move when I can.
And I'm far from the only one.
Now tell me that the state doesn't face a problem.
And I'm far from the only one.
Amen.
If and WHEN the housing market turns around.
In fact, I'm sure you don't.
A significant number of Florida residents have had their homeowners/property insurance nonrenewed and the new premiums are 2, 3, 4 times last year's premium...when they can get insurance.
Property that isn't homesteaded or primary residence may have premiums that cannot reasonably be met.
Those that own rental property may not find insurance at all.
Now you have thousands and thousands of residents who cannot insure their property and cannot sell it.
This isn't one or two people.
Mine is between double and triple but I can handle it, but I'll probably sell and move when I can.
And I'm far from the only one.
Now tell me that the state doesn't face a problem.
How hard is it to understand this problem? Not very....
Recent weather events/trends have caused insurers to recalculate their risk/cost structure, and are trying to pass the cost onto their customers AS ALL BUSINESSES DO. People complain once they see the 'new' costs, and then regulators/politicians jump into action to save the people...causing more problems of course then they are solving, but then again why anyone is surprised at this result astounds me.
Politicians cap policy increases so that the insurers do not feel that underwriting the policies makes financial sense from a risk perspective, so they drop coverage. Less policy writers = less competition = more expensive policies....PLUS, since no company wants too much Florida risk (so they limit the absolute number of policies they write in the state), less underwriters means less of a total amount of policies available.
See, I understand the situation...I also understand that it is hard...but that doesn't mean that the government is going to help in a cost-effective manner in any way, shape or form, because IT NEVER DOES.
If raising the premiums by a factor of 4 was so abhorrent or out of line with the risk involved, you'd see a flood of insurance carriers flocking to the state to get in on the action...it's not like you need to be physically present in the state to offer an insurance policy, insurance isn't necessarily a local commodity market. Someone sitting at a desk in Omaha can issue a policy for Talahassee pretty easily...insurance writing would probably be one of the most accessible industries to allowing the free market to work INSTANTANEOUSLY in the absence of excessive regulation by the state.
The fact that you, or others find the cost of the premiums oppressive, bothersome and possibly unaffordable doesn't mean that they aren't justified. Nobody guaranteed any FL resident that there would always be 'affordable' (or using your word...'reasonable') property insurance.
Here's another factor to consider...how many people are complaining just because they cannot insure their house for 'face' or replacement value as opposed to just the cost that would be required by their lender for the value of their mortgage? If someone has a $500K house with a $300K mortgage, drop the coverage to the mortgage amount and assume the risk for the equity themselves..it would certainly make their insurance cheaper.
This is just normal business...nothing more, nothing less. You can see largely the same things occurring in multiple other businesses ALL THE TIME. I'm a Doctor, and I see it in medicine EVERY DAY. As others have tried to state, it's basic Econ 101: As the gov't gets involved any market via either procuring of products/services or regulation, the product or service becomes more expensive and less available. It's not that hard of a concept to understand.