Hurrican Shutters

Installing "Peace of Mind"

Citizens Property Insurance wants input on possible hurricane rate hikes

Posted by cat5shuttersllc on June 21, 2012

Citizens Property Insurance wants input on possible hurricane rate hikesNew customers could pay more now or everyone pays later

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Contact us for a free estimate at (561) 333-2285 or
If a hurricane smashes into Florida and causes catastrophic damage, the state’s largest insurer won’t have enough money to reimburse policy holders.

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That means some of your neighbors, maybe even you, could be left holding the bag, Citizens Property Insurance Interim CEO Tom Grady said.
Citizens wants feedback on a new plan that would allow the bank to charge new customers much more than current policy holders, double in some cases.
“There have been proposals to have some Citizens policy holders pay more for their down payment for their coverage today so that they and others pay less tomorrow,” Grady said. “Some people have told me that’s a bad idea, it’s not good for the economy, they don’t want to raise prices on those policy holders. Others have said it’s a good idea because otherwise everyone is going to get a hurricane tax down the road.”
Grady said Citizens has less than $6 billion in the bank, but their studies show a big storm could cost them $22 billion, and under the law, the state could assess almost every Floridian to make up the difference, with the biggest payments coming from Citizens customers.
Citizens is looking into making new customers pay the full premium up front, while current customers pay only a down payment and increases are capped at 10 percent.
The company has planned several public hearings in July before asking regulators to look at its new proposals in August.

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Distributed by Viestly


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