The Citizens Property Insurance Board of Governors is trying to reduce its risk by forcing out some of its 1.4 million customers. One plan is to pay private insurance companies more than 300 million dollars to take over Citizens’ riskiest policies.
Florida’s future House Speaker is asking the board to leave depopulation decisions up to the legislature.
Governor Rick Scott was asked who should make those decisions. He dodged the question. “My focus is to make sure citizens know that if they are buying Citizens what their risk of assessment is and to make sure Citizens is in a position that there is a major disaster they can write the check.”
Last week, the Office of Insurance Regulation approved a 10% rate hike for most Citizens policies. Tuesday, OIR approved a 4% increase for Citizen’s mobile home customers.