As debate over the future of former Congressman Mark Foley and senior Republican House leaders swirls on, the race for the 16th Congressional District pushes ahead. Democratic candidate Tim Mahoney came to Punta Gorda Wednesday to push for changes in Florida’s insurance market. Ask a Florida homeowner what the biggest pressing issue is these days...and chances are the soaring cost of insurance will likely be the reply. After two devastating hurricane seasons, the insurance industry is reeling. Several dozen insurers have left the state and those that remain have doubled or tripled premiums for less coverage. Congressional candidate Tim Mahoney says the federal government needs to step-in and organize a national insurance plan.
“Hurricanes, earthquakes, tornadoes, floods, fires. We need to have a catastrophic insurance capability where we get everybody in this country together and we create a pool so that we can all manage this risk responsibly.”
There’s a rising chorus of Florida officials, insurance executives and regulators calling for national insurance coverage, similar to the federal flood program. But the idea continues to receive little support.
Democratic Congressional candidate Tim Mahoney came to Punta Gorda Wednesday and used the town as a backdrop to call for changes to Florida’s insurance market. The region was hard hit by Hurricane Charley in 2004. And Mahoney says steep premium increases and insurers dropping customers are hurting residents. Mahoney is advocating for a national catastrophic insurance fund so the risk is spread around.
“We need to make sure that insurance goes back to the purview of the federal government. It got reverted back in 1947 to the states. We have issues with regards to catastrophic insurance claims that go well beyond the capability of any given state.”
Thursday, 05 October 2006 01:00
Tim MahoneyWritten by WGCU Newsroom