During the 1997 legislative session, the Florida Legislature amended significant aspects of Florida's law regulating property insurance. This Article focuses on the latest modifications designed to make property insurance available through commercial and quasi-governmental mechanisms. It examines the policy rationale for modifying the existing laws, and the practical effect the changes will have on the insurance market.
Parts II and III of this Article provide a general, schematic, and historical discussion of the quasi-governmental property insurance mechanisms available in Florida. Part IV details the 1997 legislative modifications to these mechanisms, while Part V provides recommendations to the 1998 Legislature. Part VI concludes that although the 1997 changes expand access to property insurance coverage in Florida, the price of this access is ultimately borne by all policyholders through increased rates.
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