Free-Market Think Tank: End Home Insurance Subsidies in Florida's Coastal Wetlands

R Street, a free-market think tank headquartered in Washington, D.C., has released a new report that urges Florida's legislators to cut off all home insurance subsidies to residents building new homes in undeveloped wetlands and barrier islands along the Gulf and Atlantic coasts, as well as undeveloped coastal barriers along the Florida Keys.

Simply put, Floridas insurance policies have had the unintended consequences of forcing residents to indirectly subsidize irresponsible developments that create massive future taxpayer liabilities, damage the states coastal environment and destroy natural storm barriers, said R Street Florida Director Christian R. Cara, who authored the report, in a press release.

The report, titled Coastal Preservation Through Citizens Reform, was released to coincide with the state Senate Banking and Insurance Committees Jan. 16 hearings into ways to depopulate Floridas Citizens Property Insurance Corp.