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Sinking in 2010-01-05 09:44:47 | Source Alex Sink, who is set to be Florida's next chief financial officer and member of the Cabinet, didn't waste any time spending a little of her political capital on an issue near and dear to the hearts of coastal dwellers and property owners in general. She urged, no, warned Florida lawmakers attending a three-day conference on the property insurance crisis that they must repeal their recent authorization of 56-percent rate increases in coastal-windstorm insurance premiums. They're to be voted on today by the state-run insurer's board and would take effect in March, so her words came just in time. "Folks, we are in a situation where, if the rates increase as proposed, we are going to destroy our economy," Ms. Sink said. She knows that in some cases people are getting stuck with insurance bills that exceed their mortgages; that real estate isn't selling in part because potential buyers are wary of what the insurance bill would be if they bought that house not just on a coastline but anywhere close to water. Since Florida is, after all, a peninsula, surrounded on three sides by water, that covers a lot of real estate. Nor should lawmakers be doing favors for the insurance industry, Ms. Sink added, particularly when they "stick our nose it" by immediately asking for another rate hike 10 days after the legislative action last spring, as State Farm did. Ms. Sink's message wasn't lost on Gov.-elect Charlie Crist, who heard the same message on the statewide campaign trail that Ms. Sink did. And though lawmakers are elected from districts, they had to have been hearing the No. 1 grievance of voters this year, too: Property insurance rates too high to bear. Of course the insurance industry is big, powerful, well-heeled and influential with lawmakers when they're corralled in the capital during session. But they must listen to voters, too, or risk getting booted out of office the next time they run. Indications are they did. House Insurance Chairman Dennis Ross, one of the authors of the insurance reform, did acknowledge that he was willing to reconsider when and how those rate increases take place. They'd be crazy not, too - even if it took some blunt talk from a newly elected statewide official to suggest that a course correction is desperately needed. Lastest News: The USD fights back following a better than expected employment ... 2010-01-13 12:17:48 | Source What a rollercoaster. The initial disappointed market reaction to the Non Farm Payrolls report released on Friday, later... ... 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