Thad Altman has supported measures to drive property insurance rates down for Floridians, and is continuing to work to make Florida affordable again.

Thad voted to assist Florida Homeowners in their hour of need.  Following the devastating 2004 Hurricane Season, many insurance companies required homeowners to pay multiple deductibles on their policies due to multiple storm events.  Thad Altman voted to allocate $150 million to reimburse homeowners for these additional deductibles, so that families could rebuild their homes and move on with their lives.

Insurance fraud means higher rates for everyone.  That is why Thad voted to reduce insurer liability for fraudulent sinkhole claims.  In some areas of the state, rates have dropped as much as 40% due to this legislation. He also required more transparency in the insurance industry by allowing the Office of Insurance Regulation access to insurance company models when they request rate increases. 

Thad knows that government is not always the answer to our problems.  That is why he voted in favor of a bill to incentivize private insurance companies to take over moderate-risk policies from Citizens Property Insurance Corporation.  This encourages the private industry to assume these policies and reduces reliance on the state’s insurer of last resort.

In order to keep rates down and insurance companies from fleeing the state, Thad voted to separate different types of hurricane coverage such as wind and flood.  Separating these types of coverage removed the discrepancy regarding which element is responsible for damage, this reducing insurer liability for non-covered perils.  This measure has kept prices lower and kept insurance companies in our state.

Thad voted twice to freeze rates for Citizens Property Insurance Corporation in efforts to keep these rates affordable as the state’s insurer of last resort.  He has voted to make insurance companies return excess profits to policyholders, and to increase options for consumers about what type of homeowner insurance policy they would like to buy.  Thad also voted to increase fines for insurance companies who violate codes or break the law.  He also supported making the Office of Insurance Regulation the final authority on rate increases.

These reforms have brought rates down an average of 15% statewide.  Since 2007, 25 additional insurance companies have begun writing homeowner policies in Florida, and no insurance writers have expressed intentions to leave the state.  The reforms have broadened consumer choice, reduced costs and increased transparency and accountability.