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Innovation Needed On Insurance

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The Tampa Tribune

Published: December 4, 2007

Regarding "Stormy Conditions Rage On In Home Insurance Market" (Nation/World, Dec. 2):

As an owner of an insurance agency that has written thousands of home policies, I must say Russell Ray seems to have the best knowledge of the situation of any journalist in the state. The key to this never-ending problem is to redesign the product. The product is unaffordable in the version that was designed 40 years ago. You only have to look at the Federal Flood Insurance policy and have the state design a similar policy for hurricane wind and make it mandatory statewide, not just along the coast. The private insurers then exclude hurricane wind and should flock back into the market.

Without major concessions in coverage, the problem will just continue, and the state is just one major storm from the biggest financial disaster in the history of states' budgets. The taxpayers of Florida deserve some innovative thinking from their leaders.

SCOTT NELMS

St. Petersburg

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