Apparently unsettled by the free market controlling insurance prices, Republican Florida Governor and sleestak Ron DeSantis signed a bill that would socialize the risk of private insurers by giving them a $2 billion reinsurance fund, the Associated Press reports.
Florida property insurance rates have skyrockets because Florida has a lot of problems with hurricanes that cannot be redirected by a Sharpie on a map. Other factors include building collapses and sink holes that routinely occur in the state.
To make it more business friendly, DeSantis is making Florida taxpayers financially back private insurance companies who will still be able to reap profits even if they have significant outlays for their policyholders. The reinsurance fund would limit the liability of the private corporations while increasing the risk for taxpayers.
In the perfect example of closing the barn door after the barn has collapsed, the bill also includes a provision that all condominium buildings over three stories tall undergo inspections periodically as a result of the collapse of the Surfside condo collapse.