"Do the calculations include what people can afford? New customers could include not just someone building a home but also any family whose private insurer simply dropped them as has happened to hundreds of thousands of homeowners in south Florida. We're talking about putting people out of their homes, right? It's not just about numbers; it's about people's livelihoods."~ Jeff Clemens, Florida State Senator
Talking about Citizens Insurance corporation being allowed to raise premiums 84% on new customers. Existing policy holders would have their premiums raise 13% a year instead of 10%.
This atrocity started when Florida allowed Pup companies. National insurers were allowed to carve out their Florida business into a separate company, insulating the parent company from losses in our state due to hurricanes.
The Florida offshoots are known as “pup companies.” They’ve been allowed in Florida since 1996, four years after Hurricane Andrew caused $30 billion in damage. Companies were threatening to leave. Even Charlie Crist called it a "shell game."
We have no consumer protection in the State when it comes to property insurance.
1 comment:
Lynn, my citizens doubled to almost 7800.00 a year, and I do not even live on the water. How much did yours go up¿¿¿¿
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