A.G. Gancarski
Another prominent Florida Republican is discussing his struggles dealing with surging property insurance rates in the Sunshine State.
Chief Financial Officer Jimmy Patronis detailed the issue in a piece for the Florida Daily.
“For all of Florida’s many blessings, however, you don’t have to be an actuary to know that when it came to our property insurance market, Florida had its issues,” the second-term Republican from the Panhandle wrote.
“I love Florida, but my own premiums have gone up 50 percent. This isn’t a new issue despite what you hear in the news.”
Patronis isn’t dealing with a problem quite as acute as that faced by U.S. Sen. Marco Rubio, the South Florida Republican who said his own rates recently tripled. Patronis also seemed more willing to advance historical and structural explanations for pressures in the market.
“Florida’s vulnerability to storms goes back to its land mass formation somewhere around 530 million years ago. Storms are a part of what it means to be a Floridian. We are a giant peninsula that sticks hundreds of miles out into the ocean,” Patronis wrote.
“In fact, other than Hawaii, we’re the only state with a good chunk of its population in the tropical zone. For anyone who’s ever listened to a Jimmy Buffett track (God rest his soul), that’s where the waters are really hot, which generates storms. But hurricane season wasn’t the only reason premiums were out of control.”
Patronis added that the “insurance market was worse than it needed to be because we had bad laws that encouraged and rewarded litigation.” But once Gov. Ron DeSantis “entered the picture,” the state has seen “monumental” reforms that have brought new carriers into the market that have taken pressures off of Citizens Property Insurance, Patronis said.
Meanwhile, insurance rates in other states are a “disaster,” Patronis notes, with 20% increases year over year in numerous states.
Patronis’ optimism contrasts to DeSantis’ recent statements to some degree. The Governor recently said Citizens was “not solvent,” a pessimistic phrasing that Patronis avoided. But it’s clear that both men see the salvation of Florida’s market as being in competition between private carriers.
19 comments
JD
March 18, 2024 at 9:42 am
Is that shameless grifter trying to spin this? He and his ilk are the only ones that can afford it, given their exorbitant salaries all paid for by our various taxes and fees. F@ck him.
DO YOUR JOB JIMMY and figure out some creative ways to make it semi-affordable here (lower the cost of insurance, lower the cost of housing, or figure out how to raise wages).
Dont Say FLA
March 20, 2024 at 8:20 am
It ain’t the government salary that covers this man’s cost of
livingthriving.If salaries were all our reps “earned,” we would not have many reps.
We would only have people who wanted to serve the greater good through honorable public service.
But instead we have today’s G0P, trying to rake in everything they can while doing everything possible to extend their grip on power which they’ve already lost in the hearts and minds of voters, but they haven’t quite lost it yet in the district maps and polling place manipulations.
ScienceBLVR
March 18, 2024 at 10:03 am
Yeah, Jimmy, blame it on the rain.. what a pu&z this guy is
Scary when someone like him tries to reference science.
Russel Rhodes
March 18, 2024 at 10:20 am
You Radical Leftist better strap in. Your boy Jimmy has a good shot at being the next governor. Clutch those pearls you Marxists.
Ocean Joe
March 18, 2024 at 11:31 am
Bad enough what we will get stuck with because so many carpetbaggers have moved here, but it wont be Patronis, probably somebody much worse.
The science denialism is something even they do not believe in, but happily spout for you. The insurance companies certainly know better and we are paying for it.
MH/Duuuval
March 18, 2024 at 8:19 pm
Patronis will get mugged by Matt Gaetz who won’t be able to win in Nov. statewide.
Dont Say FLA
March 20, 2024 at 8:13 am
Can you take a moment to educate us about Marxism and how some commenters here, to your perspective, exhibit Marxist characteristics?
What was Marxism about? With Marxism, what worked? What didn’t? What were the root causes for Marxism not taking hold and enduring despite whatever might have worked well enough with Marxism that Marxism became a thing for a while?
Thank you in advance!
WGD
March 18, 2024 at 10:27 am
Now that’s what I call a good representation of Republican ideas about insurance reform – nothing much we can do about it because, you know it’s FL; let the private market sort it lout and phase out the public option; make it harder for people to sue when insurance companies don’t pay and rates will go down.
Andy
March 18, 2024 at 2:13 pm
But is is everyone else’s fault that Florida has the highest insurance rates and premiums? The Governor did not seem to think so when the insurance campaign money paid for his book tour!
Datahound6
March 18, 2024 at 4:07 pm
So many people looking for a free lunch — or at least cheap insurance. Clue: There is NO ONE ELSE to carry the risk. It’s either pony up the $s or move out.
Impeach Biden
March 18, 2024 at 4:22 pm
That is correct. There is also tons of insurance fraud here as well. The famous line is “I’m not suing you, I am suing the insurance company.” In the end we all pay anyway.
MH/Duuuval
March 18, 2024 at 8:25 pm
What this kind of pandering to a narrow, selfish political elite is leading to is a single statewide insurance pool. This is the only salvation for the preponderance of Florida property owners. Cut out the for-profit companies that take profits and leave, or go bankrupt when they are overextended.
Max
March 19, 2024 at 12:03 pm
The best message on this board. Inflation, fraud all add to the cost…Everyone is happy when the value of their house goes up, it also cost more to replace it.
Neil Dunnme
March 18, 2024 at 5:35 pm
Spare me, Jimmy. While you’ve been trolling on social media, Florida has been hurting.
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Dont Say FLA
March 18, 2024 at 9:11 pm
Jimmy says he know there’s a problem, but he can’t do anything about it because his favorite Lobb Eysts tell him he can’t do anything about it while making sure he doesn’t mind too much.
god help us
March 19, 2024 at 9:22 am
It really helps to build in wetlands and in coastal high hazard areas! Drill Baby Drill! It’s really about retreat because sea level is rising, all kidding aside. But our GOP is all about risky development and increasing climate change because Jesus is coming back real soon!
MH/Duuuval
March 19, 2024 at 10:22 am
You might want to convey your information to the communications exec who just paid $22 million IN CASH for his waterfront house in Ponte Vedra Beach.
John L
March 19, 2024 at 9:55 am
If Florida only had a governor not paid off by the insurance companies. Even the state legislators said his laws to handle the property insurance only benefitted the companies and will not lower premiums for customers one red penny. Screwing people trying to get real claims paid off but now have to pay for legal fees so all the insurance companies will not pay anything and let you fight it in court for years or offer pennies on the dollars in claims. Crooks.
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