TV: Senate holds hearing on property insurance issues

WASHINGTON — From the Maui wildfires to Hurricane Idalia hitting Florida, extreme weather events have caused severe devastation to homes and businesses this summer. 

On Capitol Hill, consumer and affordable housing advocates sounded the the alarm Thursday on property insurance costs and availability during a Senate Banking, Housing and Urban Affairs Committee hearing…

Jerry Theodorou with the R Street Institute, a conservative think-tank, pointed to state government regulation in California and “excessive litigation” in Florida as key drivers for insurance companies leaving. 

“For years, Florida had the dubious distinction of being home to 79% of the homeowner insurance litigation in the country, despite having only 9% of the country’s homeowner insurance policies,” Theodorou said. 

Watch the report here.