SOUTHWEST, Fla. — Florida’s property insurance crisis could spread to the rest of the country unless serious changes are made, according to Rhode Island Democratic Sen. Sheldon Whitehouse.
Speaking in front of a south Florida crowd recently, the Chairman of the Senate Budget Committee addressed the elephant in the room.
Why is a Rhode Island Senator so concerned with Florida’s property insurance market?
“What is happening in Florida, because of climate change, and what is happening to your coasts and your economy and your property and homeowner’s insurance, in particular, is a preview to what is coming to other coastal states,” Whitehouse said.
Calling Florida the ‘first and worst’ in what climate change is doing to property insurance rates, Whitehouse warned of dire consequences.
“The way this will work is the first thing that is going to go is the insurance market. Insurance becomes unaffordable, then it becomes unavailable,” said Whitehouse, referencing comments recently made by the Chief Economist of Freddie Mac.
The Democratic senator visited several areas of south Florida, including Naples, St. Pete and Hollywood.
Speaking alongside Broward County Democratic Rep. Debbie Wasserman Schultz, the two urged a national conversation about climate change.
“We have dealt with extremes here and they are getting worse, not better,” said Schultz.
As Chairman of the Senate Budget Committee, Whitehouse recently opened an investigation into Citizens Insurance, Florida’s state-run insurer of last resort.
Leaders at Citizens insist the Senator’s fears about the insurance company are unfounded.
