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Citizens Insurance

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politics2 years ago•6 min saved

Federal Investigation and Policy Shifts: The Decline of Citizens Insurance

The U.S. Senate Budget Committee has launched an investigation into Florida's Citizens Property Insurance Corp. regarding its ability to pay claims for climate-related disasters before seeking federal assistance. The committee is seeking documents and information about the state-owned insurer's plans to address increased underwriting losses from climate-related extreme weather events. The investigation builds on previous inquiries into the insurance industry's response to climate change and concerns about the economic consequences of widespread uninsurability. The committee is particularly concerned about Florida's exposure to climate-related property losses, Citizens' expanding market share, and the potential for a federal bailout.

via South Florida Sun Sentinel|

#citizens-insurance #climate-related-disasters #florida

insurance2 years ago•1 min saved

"Policyholder Decries 'Insane' Hurricane Tax Warning by Citizens Insurance"

Citizens Insurance policyholders in Florida are receiving notices about a potential "hurricane tax" that could be imposed if the state insurer of last resort runs out of funds. The tax, which could be as high as 45% of premiums, has sparked outrage among policyholders who argue that they are already paying high premiums. Citizens Insurance has been taking on policies at a record rate and its exposure to large claims has raised concerns. The company is offering take-out offers to lower its policies by moving them to private insurers, but many customers find the offers expensive. In extreme financial situations, the assessment program could also result in surcharges on all private insurance policies in the state.

via WPTV News Channel 5 West Palm|

#citizens-insurance #florida-residents #hurricane-tax

politics2 years ago•1 min saved

Florida Governor DeSantis Addresses Worsening Insurance Crisis in Fort Myers

Governor Ron DeSantis visited Fort Myers for a Hurricane Ian recovery update and was asked about the thousands of people who have had their insurance policies canceled due to the ongoing insurance crisis in Florida. DeSantis stated that the insurance regulation office is investigating reports of people being unlawfully dropped and that those responsible need to be held accountable. Many homeowners are struggling to find new policies or receive payouts, and rates have tripled for some. The state-run Citizens Insurance is not an option for many, and DeSantis admitted that it has not been solvent.

via NBC2 News|

#bankruptcy #citizens-insurance #governor-ron-desantis