IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers

IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers

Guest Column By Josiah Neeley

/ Categories: Research, Insurance, Blog

Florida’s homeowners insurance market is in the emergency room on life support. Homeowners and insurance agents across the state struggle to obtain reasonably priced homeowners insurance. In 2022, the average annual premium for a homeowners insurance policy was $4,231, close to three times the U.S. average of $1,544, and nearly twice Florida’s $2,505 average just two years ago. In 2023, premiums are on track to climb even higher. The Florida state legislature held two special sessions in 2022 focused on making insurance more available and affordable. Although the meetings helped raise lawmakers’ awareness of the cause of the crisis and introduced measures to arrest further market deterioration, reasonably priced insurance is expected to remain hard to find in 2023.

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Florida TaxWatch Briefing: Extending State Group Insurance to the Florida College System Florida TaxWatch Briefing: Extending State Group Insurance to the Florida College System

Florida TaxWatch Briefing: Extending State Group Insurance to the Florida College System

Case Study: Indian River State College

/ Categories: Research, Taxes, Health Care, Insurance

Florida’s economy is strong. If Florida were a country, its gross domestic product (GDP) would rank 14th among economies worldwide, and its ambitions do not stop there. Florida aims to be within the top ten economies by 2030. By this time, two in three jobs are expected to require specialized training, a credential, or a degree. To achieve its economic goal, Florida will need to continue developing its specialized workforce. With 120,000 students completing Florida College System (FCS) programs each year, the FCS plays a critical role in providing the talent pipeline necessary to reach Florida’s economic goal and does so at a very affordable cost to students and Florida taxpayers alike.

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Blog: Florida's Property Insurance Market Blog: Florida's Property Insurance Market

Blog: Florida's Property Insurance Market

/ Categories: Research, Insurance, Blog

Florida has always endured a complex property insurance market due its unpredictable weather and proneness to hurricane catastrophes. Recent issues, however, have nearly pushed the market to the brink of collapse. With the combination of insurance company insolvencies, excessive litigation from fraud, and the recent devastation from Hurricane Ian, Florida’s crisis continues to worsen.

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1/31/2023
Economic Census Blog January 2023

Economic Census Blog January 2023

While the U.S. Census Bureau is popularly known as the leader of decennial census counts, it is also charged with conducting other surveys throughout the decade to help inform American decision-making. With each survey, the U.S. Census Bureau aims to strike the “best mix of timeliness, relevancy, quality and cost” to gather the data that define our nation’s people and economy. The U.S. Census Bureau cannot achieve its goal alone. Like the census count, the participation of all residents is key to ensuring that Americans can fully reap the benefits that the U.S. Census Bureau has to offer.

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2/9/2023
Florida's Revenue Collections Continue to Surpass Expectations

Florida's Revenue Collections Continue to Surpass Expectations

Florida’s general revenue (GR) collections continue their remarkable growth, beating the state’s estimates and adding more and more money for the Legislature to spend. GR collections exceeded expectations in December by $530.5 million.

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2/16/2023
Blog: Florida's Property Insurance Market

Blog: Florida's Property Insurance Market

Florida has always endured a complex property insurance market due its unpredictable weather and proneness to hurricane catastrophes. Recent issues, however, have nearly pushed the market to the brink of collapse. With the combination of insurance company insolvencies, excessive litigation from fraud, and the recent devastation from Hurricane Ian, Florida’s crisis continues to worsen.

Read more
171819
2021
2/21/2023
Florida TaxWatch Briefing: Extending State Group Insurance to the Florida College System

Florida TaxWatch Briefing: Extending State Group Insurance to the Florida College System

Florida’s economy is strong. If Florida were a country, its gross domestic product (GDP) would rank 14th among economies worldwide, and its ambitions do not stop there. Florida aims to be within the top ten economies by 2030. By this time, two in three jobs are expected to require specialized training, a credential, or a degree. To achieve its economic goal, Florida will need to continue developing its specialized workforce. With 120,000 students completing Florida College System (FCS) programs each year, the FCS plays a critical role in providing the talent pipeline necessary to reach Florida’s economic goal and does so at a very affordable cost to students and Florida taxpayers alike.

Read more
2223
2/23/2023
IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers

IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers

Florida’s homeowners insurance market is in the emergency room on life support. Homeowners and insurance agents across the state struggle to obtain reasonably priced homeowners insurance. In 2022, the average annual premium for a homeowners insurance policy was $4,231, close to three times the U.S. average of $1,544, and nearly twice Florida’s $2,505 average just two years ago. In 2023, premiums are on track to climb even higher. The Florida state legislature held two special sessions in 2022 focused on making insurance more available and affordable. Although the meetings helped raise lawmakers’ awareness of the cause of the crisis and introduced measures to arrest further market deterioration, reasonably priced insurance is expected to remain hard to find in 2023.

Read more
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272812
3/2/2023
POLICY STUDIES ENERGY AND ENVIRONMENT Be Prepared: Using Florida’s Natural Infrastructure to Combat Climate Change

POLICY STUDIES ENERGY AND ENVIRONMENT Be Prepared: Using Florida’s Natural Infrastructure to Combat Climate Change

Florida has a diverse and beautiful natural environment, ranging from the Everglades to the beaches of the Florida panhandle. The state is also vulnerable to a variety of extreme weather events, such as flooding and hurricanes, which are projected to become more severe in the coming decades due to climate change. Protecting the state against these events could be a costly undertaking. Various proposals seek to minimize the risks through new infrastructure projects such as sea walls. But in deciding how best to adapt to extreme weather risk, Florida should be sure to consider using the state’s “natural infrastructure” to protect itself in a less costly and more sustainable way.

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3
3/3/2023
IDEAS IN ACTION: Be Prepared: Using Florida’s Natural Infrastructure to Combat Climate Change

IDEAS IN ACTION: Be Prepared: Using Florida’s Natural Infrastructure to Combat Climate Change

Florida has a diverse and beautiful natural environment, ranging from the Everglades to the beaches of the Florida panhandle. The state is also vulnerable to a variety of extreme weather events, such as flooding and hurricanes, which are projected to become more severe in the coming decades due to climate change. Protecting the state against these events could be a costly undertaking. Various proposals seek to minimize the risks through new infrastructure projects such as sea walls. But in deciding how best to adapt to extreme weather risk, Florida should be sure to consider using the state’s “natural infrastructure” to protect itself in a less costly and more sustainable way.

Read more
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3/8/2023
A Closer Look at Florida’s Sales Tax Exemptions

A Closer Look at Florida’s Sales Tax Exemptions

The six percent sales and use tax is Florida state government’s largest revenue sourceby far, currently bringing in approximately $36 billion annually. When the almost $6 billion in local option sales tax collections is included with the state tax, the $42 billion total collections make the sales tax the number one tax source for all Florida governments, topping the $40 billion local property tax.

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9
3/9/2023
Why Taxpayers Should Care about Workforce Instability with Florida’s Public Defenders and State Attorneys

Why Taxpayers Should Care about Workforce Instability with Florida’s Public Defenders and State Attorneys

One of the fundamental responsibilities of government is to ensure the safety and welfare of those in its care. This includes indigents who are accused of wrongdoing and who would otherwise be unable to afford a private attorney to defend them. It is essential that, in all criminal prosecutions, the accused is afforded all rights under Amendment VI of the U.S. Constitution, including the right to a speedy trial and the right to have the assistance of competent defense counsel, even if they cannot afford it.

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