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A conservative think tank, the James Madison Institute, is giving Florida’s Insurance market an “F”. Only four other states got the ranking. The grade is based on the fact that recent reforms did not lower rates but added risk to all of the state’s homeowners. State Representative Dennis Ross said a year of massive storms could cost every family in the state up to 16,000 dollars.

“The risk that our current system imposes on Floridians has forced us upon an overwhelming financial risk and a business climate that is hostile to insurers. This dismal grade comes as no surprise,” said Ross.

The ranking comes as lawmakers began grilling insurance executives on why rates have not gone down.