Florida is quickly recovering from COVID-19, and businesses and consumers are eager to participate in the anticipated economic boom. But while the Sunshine state has exceeded expectations in its handling of the pandemic so far, lawmakers stalled in one key area that will keep insurance rates high, especially as inflation creeps in.
Florida has a long history of lawsuit abuse, and one of the worst aspects of this is high insurance rates due to inflated damages claims in the healthcare industry. Trail lawyers chase big paydays by hiding the true cost of medical procedures, forcing insurance companies to offset these unnecessary forfeitures by raising rates. Of course, this all trickles down to consumers in the form of increasingly higher prices. Right now, Floridians do not need another thorn in their sides after getting through such a difficult year. Lowering insurance rates will go a long way in boosting Florida’s economic recovery. State leaders must prioritize accuracy in damages reform this year.