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Citizens Property Insurance Corporation

Citizens suggests policyholders update insurance ahead of Matthew

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Citizens Property Insurance Corporation advised its policyholders Wednesday to update their policy information ahead of Hurricane Matthew, which is expected to pass along Florida’s east coast Thursday through Saturday. “Policyholders need to remember that their personal safety is the highest priority,” said Barry Gilway, Citizens president, CEO, and executive director. “Take precautions and follow instructions of local emergency management agencies. Citizens is ready to help you recover.” The state-backed insurer advised policyholders to make sure their contact and mortgage company…

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Steve Pociask: Prepare for the storms

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Recent Tropical Storm activity in the Gulf of Mexico and the Atlantic Ocean remind us of one thing — Florida is ground zero for tropical weather activity. In June, parts of Florida’s Gulf Coast became inundated with rain, causing flash flooding, tornado spin-offs and heavy wind as Tropical Storm Colin made landfall in Florida’s Big Bend area. While Colin never became a hurricane, the tropical storm caused plenty of damage and disruption and it exemplifies what could be in store…

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Citizens gets OK to shed another 71,500 policies in March

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Citizens Property Insurance Corp. — Florida’s state-backed “insurer of last resort” — received approval Monday to shed another 71,500 home insurance policies from its rolls amid an ongoing effort to reduce the state’s liabilities. The Florida Office of Insurance Regulation announced two private carriers have been approved to take over the policies, which cover properties private insurers previously deemed untenable for coverage. Heritage Property & Casualty Insurance Co. is set to assume 55,000 personal residential policies (35,000 personal line policies and…

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Matt Kelly: Citizens Property Insurance Corp. is regressive and risky

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Citizens Property Insurance Corp. was formed by the Florida Legislature in 2002 for the purpose of serving Florida’s residual property insurance market. Its creation was justified by the argument that middle-income residents have a tough time purchasing insurance in a hurricane-prone state like Florida, and public subsidies were needed to even the playing field for these struggling families. Recent economic research, however, has shown that Citizens is actually a regressive program that disproportionately benefits the wealthy. In a 2015 paper, Kyle…

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Rick Scott issues first veto of 2015, nixes Citizens reform to curb opt-in letters

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From the distance of his presidential cattle call in Orlando, Gov. Rick Scott issued his first veto of the year late Tuesday afternoon, scrubbing HB 1087, a bill supported by a coalition of South Florida Republicans and most legislative Democrats that would curb a practice of forcing policyholders to continually “opt-in” to their Citzens Property Insurance Corp. policies by way of formal correspondence, which consumer advocates and some legislators say is abusive. The proposal, sponsored by state Reps. Michael Bileca, Jose Felix “Pepi” Diaz,…

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