florida’s ‘public option’
The state of Florida has a “public option” for home insurance, per the MR blog site (an economic blog). Like the proposed federal “public option” for health care (i.e., medical insurance), the Floridian home insurance option competes directly with private insurance and drove out a major national insurer from the state (for home insurance; that insurer still insures autos).
Bottom line:
In Florida, the public option has meant a substantial socialization of insurance, subsidization of the public option by those who take a private option, and the creation of a fiscally-unsound public insurance company despite the subsidy.