As pointed out in the recent Herald Tribune article: Citizens Poised to Further Cull Policies, “Florida State insurance regulators are expected to approve the removal of nearly 600,000 Citizens customers from the state's largest property insurer, which now covers some 1.2 million policyholders,” and many Tallahassee politicians are celebrating.
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A recent phone call with one of my Naples clients prompted me to think about the coming storm for property owners in the Sunshine State. Like a natural hurricane, it looks like nothing man made will stop what is already in motion.
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Almost daily we are reading in the print media about the push to depopulate Citizens Insurance Company, the State chartered (and for all practical purposes state run) insurance company. This insurance scheme was started to cover Florida homeowners when the big boys of the property insurance world cut and ran following some hurricane hits in the Sunshine State. Who would have thought that would happen given all the advertisements that were run in the 1970’s and 1980’s encouraging us to insure with whoever had the most money to spend on an advertising campaign.
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