Citizens revamp passes House

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A measure that will change the way Citizens Property Insurance Corp pays for claims in the event of a major storm passed the House Thursday on a 89-25 vote, reports the News Service of Florida. The bill would reduce the assessment on coastal Citizens policyholders from 6 percent to 2 percent and eliminates it for other residential and commercial accounts. The bill would make up the loss of revenue by shifting the repayment of losses and levying emergency assessments on a wider pool of policyholders while lengthening the repayment period. Citizens now has about $12.8 billion available to pay claims until it would be require to seek assessments. Meanwhile, the cost of a 1-in-100 year storm would be $23.2 billion..

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.