Sen. Sheldon Whitehouse (D-RI) warned that the property insurance catastrophe in Florida would ripple across the nation unless significant action is taken.
The Senate Budget Committee Chairman recently addressed the topic of most concern while speaking to an audience in South Florida.
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Whitehouse warned that other coastal states would soon face the same consequences as Florida due to climate change, emphasizing the impact on coastlines, economies, property, and homeowner’s insurance.
According to Whitehouse, property insurance prices in Florida are being hurt the hardest by climate change, making the state the “first and worst” in this regard.
According to the plan, the insurance market will be the first to collapse. In a recent statement, Whitehouse cited remarks made by the Chief Economist of Freddie Mac, stating that if insurance becomes too expensive, it will become unavailable.
Among the South Florida cities that the Democratic senator stopped by were Hollywood, St. Pete, and Naples.
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Together with Democratic Representative Debbie Wasserman Schultz of Broward County, they called for a national dialogue on climate change.
There are extremes here that we have dealt with, and they are just becoming worse, not better, Schultz stated.
Citizens Insurance, the state-run insurer of last resort in Florida, is the subject of an investigation that Whitehouse recently launched while serving as chairman of the Senate Budget Committee.
Citizens’ top brass has denied the senator’s allegations against the insurer.
