Jared Moskowitz wants to spread property insurance risks nationally
Jared Moskowitz believes it's easier on individual states if the disaster costs are spread across the U.S.

jared moskowitz
'It can't just be on one or two states to deal with this.'

Hurricane Helene’s ultimate impact is still being discovered, but a congressional Democrat who served previously as Florida’s Director of Emergency Management thinks it’s necessary to smooth out the impacts for storms nationally and “spread this risk around.”

During a Fox News interview, U.S. Rep. Jared Moskowitz championed legislation he has filed to “create a national catastrophic insurance fund.”

“It would add no money to the deficit. It would allow states to buy bonds that when we have these 1 in 1,000 year storms would take that off of the plates of the insurance companies, which is driving up 25% of the cost on reinsurance,” Moskowitz said. “Even if my bill doesn’t move or go anywhere, I think the United States government and Congress has to start realizing that we have to amortize the risk.”

“We have to spread this risk around,” he added. “It can’t just be on one state or two states to deal with this. Just like FEMA (the Federal Emergency Management Agency) spreads risk around when there’s a big disaster, FEMA comes in and helps local cities, counties and the states recover, I think we’re going to have to do the same thing in the insurance market.”

Without doing that, Moskowitz believes “some of these places are gonna become too expensive for the people who already live there, including seniors, by the way, who have retired and live in communities.”

Under Moskowitz’s bill, “bonds would fund the difference between the cap set on reinsurance requirements and the sum of homeowner damages caused by the event,” compelling “the Federal government (to) help guarantee part of the insurance cost for homeowners when disaster strikes.”

His Office said the legislation would also lower insurance costs for Floridians, where rates have surged in recent years and companies have repeatedly fled the state. The market has only recently started to improve, but costs still remain high.

“It’s critical for Floridians to have their homes insured in the event of severe damage. However, with storms becoming stronger and more frequent, insurance companies are seeking higher and higher reinsurance amounts, and those costs unfortunately get passed down to consumers,” Moskowitz said in a prepared statement regarding the bill in 2023.

“This legislation is a strong step towards stabilizing the insurance market and, most importantly, lowering rates for homeowners.”

It remains to be seen how damage caused by Helene will impact Florida’s home insurance marketplace, as surveys of the destruction remain ongoing.

A.G. Gancarski

A.G. Gancarski has been the Northeast Florida correspondent for Florida Politics since 2014. He writes for the New York Post and National Review also, with previous work in the American Conservative and Washington Times and a 15+ year run as a columnist in Folio Weekly. He can be reached at [email protected] or on Twitter: @AGGancarski


27 comments

  • Michael

    September 28, 2024 at 1:57 pm

    Something is missing in this explanation. If insurance company payouts are capped, who is fronting the cash to pay for repairs above the cap? I guess the Federal government, but it sets up a receivable from the State of Florida to keep it deficit neutral. So, Florida and other participating states (who would be dumb enough to join) takes on the bond debt and then taxes all their citizens for the next 30 years? Sounds like just a giant bond indenture without voters having a say. Won’t be helpful to Florida’s credit rating.

    Reply

  • A Guest Like The Rest

    September 28, 2024 at 2:00 pm

    Seriously, why should the rest of the country pay more to keep bailing out Florida Man?

    Quit building along vulnerable coastlines.

    Reply

    • Bobblehead Kammy

      September 28, 2024 at 2:56 pm

      This is a true statement.

      Reply

    • miah

      September 29, 2024 at 9:12 am

      Look up all the states that are at risk of Home Insurance halting coverage.. its a lot more than just Florida and is for more than just hurricane reasons, I.e., fires

      Reply

      • Dr. Ben

        September 29, 2024 at 1:31 pm

        I’m not paying for people to live above their means on the beach. Maybe you can pay your insurance premiums in bootstraps!

        Reply

    • Matthew Murrian

      September 29, 2024 at 2:52 pm

      I’m fine with this so long as everyone stops coming to Florida expecting a vacation destination.

      If you want your frozen daiquiris on the beach, someone has to work there to serve them to you.

      Reply

      • A Day without MAGA

        September 29, 2024 at 3:45 pm

        Don’t worry they want when they believe the scale of destruction of

        Reply

    • JC

      September 30, 2024 at 7:06 am

      Totally agree. If your house is damaged – fixed with what you have insured and can afford or better yet move.

      Reply

  • Cat 5 Helene

    September 28, 2024 at 2:21 pm

    Go pound sand

    Reply

  • A Day without MAGA

    September 28, 2024 at 2:47 pm

    He can find money to support Israel,but he cannot find none for Florida,how politican can justify foreign aid,when their voters need it most

    Reply

    • Bobblehead Kammy

      September 28, 2024 at 2:56 pm

      Do you currently own home and auto insurance ? If so what is the problem unless you are one of the thousands that don’t carry or are underinsured. What’s next? Kammy gonna buy you a car?

      Reply

      • A Day without Trump Commiting Fraud

        September 28, 2024 at 3:29 pm

        Maybe you get prepared for Tropical Storm Joyce next Sunday

        Reply

  • A Day without MAGA

    September 28, 2024 at 3:28 pm

    Do like Trump commit insurance fraud Trump Hurricane Mar a Lago Insurance Scam

    Reply

  • A Day without MAGA

    September 28, 2024 at 3:31 pm

    Google Trump Hurricane Mar a Lago Insurance Scam

    Reply

    • Bobblehead Kammy

      September 28, 2024 at 3:52 pm

      Google “How many people in Florida carry no flood insurance.” Then google “how many people in Florida carry no auto insurance.” Then google who are the first to ask for government handouts when a disaster hits. Is it the insured or the under insured or no insurance people?

      Reply

      • MHDuuuval

        September 28, 2024 at 4:50 pm

        I give up: which are the first? Please google this and let us know.

        Reply

      • A Day without MAGA

        September 28, 2024 at 6:52 pm

        Maybe Trump will give Desantis his magic sharpie so Tropical Storm Leslie goes somewhere next Sunday,instead of Florida,these women storm have been raising hell for some reason

        Reply

  • Cindy

    September 29, 2024 at 1:12 pm

    Why they think living in a swamp is tangible

    Reply

  • John S

    September 29, 2024 at 2:05 pm

    I think the National Flood insurance could be a model? I would think if you increase the pool of people – Texas, Louisiana, Georgia, Florida, Alabama and possibly add Tornado into it and have a National Windstorm it might work or at least the insurance companies would not have to show a profit in every state would possibly reduce the costs overall.

    Reply

    • A Day without MAGA

      September 29, 2024 at 3:19 pm

      People in Texas got their own insurance problem,do not need other, people always against socialism until it their own best option,maybe Trump insurance fraud from another Hurricane jacked up rates in Florida Google Trump Hurricane Mar a Lago Insurance Scam

      Reply

  • Don Pierce

    September 29, 2024 at 2:33 pm

    You don’t get 1 thin dime of my money! I moved to CNY after 40 years in FL. No natural disasters here. If you present this abomination as a bill there will be serious consequences for you. If you’re going to live in a sub-tropical paradise then YOU PAY FOR IT!

    Reply

  • Matthew Murrian

    September 29, 2024 at 2:47 pm

    Apparently, climate change is to blame. If that’s the case, everyone is equally responsible for the cause. Why not bear equal responsibility for the consequence?

    Reply

  • PeterH

    September 29, 2024 at 2:55 pm

    Moskowitz is the second Democrat to float this ludicrous insurance deal. While I live on the beach in Florida I’m responsible for my own actions. Long ago I executed a financial plan to exit Florida and my real estate after a catastrophic storm. Actually if a storm is heading in my direction I head for the airport and take a mini vacation until the storm passes. We choose to live in high risk Florida ….. I see no rationale for homeowners in other less risk states to subsidize Florida homeowner insurance.

    Reply

  • Logic Machine

    September 29, 2024 at 4:19 pm

    That would just make an incentive to build up even more on vulnerable coastlines, which would lead to more life loss and property damage.

    Reply

  • DocW

    September 29, 2024 at 5:03 pm

    If the didn’t spend billions advertising every 13 seconds on every media outlet with the lizard flo liberty mayhem and the rest maybe they could afford to fix people’s homes . Same applies for the pharmaceutical companies selling their dope on TV .

    Reply

  • JC

    September 30, 2024 at 7:09 am

    It would be cheaper for the state and insurance to just purchase the property for the forever Florida program. Give the coast back to the people vs. having all these houses on the best views.

    Reply

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