A hurricane tax for Floridians? Biden’s Made in America plan puts insurance market at risk
The administration claims these taxes will incentivize businesses to reinvest in America, which is a worthy notion. But unfortunately, Florida homeowners will end up paying more in property insurance costs because of SHILED’s grand gesture. According to R-Street Institute, a nonprofit, nonpartisan, public policy research organization, preliminary data showed the new taxes could increase Florida property insurance premiums between $639 million and $894 million, and even more research shows the increase in premiums could be as high as $1.62 billion or 13.2%. This is because the international reinsurance market is a cornerstone of Florida-based and nationally based insurers. Florida homeowners cannot afford this unnecessary increase.