Senate Panel Advances Bill to Slow Citizens Growth

By: Associated Press
By: Associated Press

Tallahassee, FL (AP) - A bill that would prohibit Florida's state-backed property insurer from providing coverage on new construction or remodeling of existing homes in environmentally sensitive and high-risk coastal areas is moving forward in the state Senate.

The measure (SB 1714) sponsored by Umatilla Republican Alan Hays
cleared the Senate Banking and Insurance Committee on a 6-4 vote
Tuesday with Republican Mike Fasano joining three Democrats in
opposition. It now moves to the Budget Committee where approval will send in to the floor.

Citizens Property Insurance Corp. -- originally created as an insurer of last resort -- is Florida's largest property insurer with more than 1.3 million policies in force and growing. Hays' bill would increase Citizens' premiums by up to 25 percent and restrict who would be eligible to purchase new coverage.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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  • by Lip Cheese on Mar 30, 2011 at 07:00 AM
    Oh no, now we will all be short!!!
  • by Koo - Koo on Mar 30, 2011 at 04:41 AM
    If Citizens insurance rates go up 25%, what do you think will happen to the other insurance companies rates?
  • by Surprise Location: leon county on Mar 30, 2011 at 04:30 AM
    What they need to do is find out where all the moneys going that the've got from us? Folks who live way inland, high and dry and never had a claim & their rates gets jacked up $$$$$ every year and with no storms? They better be hanging on to it because I don't won't to hear em crying if we get one. GRrrrrrrr.
  • by Anonymous on Mar 30, 2011 at 03:52 AM
    The state should have never been the "insurer of last resort". If you can`t get any private company to insure your property (no matter where it is) then you should NOT develop the site or just go without coverage to protect your structure and contents. It has long since been wrong for inland property owners to "subsidize" the projected losses of coastal properties, just as it has been wrong for the state to have created Citizens to cover losses so the insurers would not take the full loss from a catastrophy and maintain their profits and capital.
  • by Uninsurable Location: Far from the coast on Mar 29, 2011 at 08:10 PM
    This is hilarious... So Rep Hays wants to: Jack up premiums during one of the worst economic perios in FL history, dump H03 polcies and replace them with H08 (this means your solid wood kitchen cabinets get replaced with MDF or particle board), force policy holders to sign the following: AS A POLICYHOLDER OF CITIZENS PROPERTY INSURANCE 1035 CORPORATION, I UNDERSTAND THAT IF THE CORPORATION SUSTAINS A 1036 DEFICIT AS A RESULT OF HURRICANE LOSSES OR FOR ANY OTHER REASON, 1037 MY POLICY COULD BE SUBJECT TO SURCHARGES, WHICH WILL BE DUE AND 1038 PAYABLE UPON RENEWAL, CANCELLATION, OR TERMINATION OF THE 1039 POLICY, AND THAT THE SURCHARGES COULD BE AS HIGH AS 45 PERCENT 1040 OF MY PREMIUM, OR A DIFFERENT AMOUNT AS IMPOSED BY THE FLORIDA 1041 LEGISLATURE This trash isnt worthy of the toiletpaper it was written on.
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