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Despite Special Session, some Fla. Insurance Issues Unresolved

By: Associated Press
By: Associated Press

PENSACOLA BEACH, Fla. (AP) - The washed-out hotels, crumbled asphalt and shuttered businesses that marred Pensacola Beach after
Hurricanes Ivan and Dennis in 2004 and 2005 are mostly gone.

The debris has been hauled off and the damaged structures were demolished or rebuilt.

But real estate agents can't find buyers for the homes and condos listed along this refurbished stretch of white sands and turquoise waters. Would-be beach dwellers are staying away, primarily because of soaring insurance rates in coastal areas statewide.

Only five of 354 residential properties on the market in Pensacola Beach sold in January.

Agents and others are counting on reforms signed into law after January's special legislative session on insurance issues to make a
difference.

Many legislators say the session was a successful first round in Florida's fight against an out-of-control insurance system. But they say more has to be done in the coming months to keep Florida's economy out of a growing insurance quagmire.

(Copyright 2007 by The Associated Press. All Rights Reserved.)


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