Yay! Blackwater got a shout out! DUmmies are proggressives? They're all about the past.
APRIL 23, 2011
Report: Rick Scott wants to kill Citizens Insurance altogether
Nobody disagrees that Citizens Insurance is not over-exposed, but Paige St. John at the Herald-Tribune reports that Gov. Rick Scott wants to do away with Citizens altogether: Gov. Rick Scott has secretly pushed to kill Citizens Property Insurance before his first term ends, a goal that alarmed even representatives of private insurance companies seeking to remove Citizens as a competitor, documents show.
In a February meeting with the industry lobbyists writing bills for the upcoming legislative session, documents show Gov. Scott’s top staff sought to force the 1.3 million property owners who now have a policy from the state-run carrier back into the private market, “phasing out Citizens completely.”
The industry lobbyists protested that Florida carriers could not absorb all of Citizens’ business, records show. The gap would force many Florida property owners to turn to the unregulated surplus lines market, where rates are unchecked and policies are not backed by a state guarantee fund.
A lobbyist who attended the meeting advised others by email that Gov. Scott knew about the gap, but was not bothered.
“He doesn’t seem to care whether they are insured in the voluntary market or surplus lines,” the lobbyist wrote.
Posted: May 01, 2012 7:02 PM EDT
Updated: May 01, 2012 7:05 PM EDT
By Elizabeth Billingsley, Reporter - bio | email
PUNTA GORDA -
Citizens Insurance Property Corporation is sending out inspection notices to homeowners. Homeowners say it's just a way to increase their premiums and perhaps fill the company's other goal of lowering the number of policy holders.
Kathy MacDonald's Punta Gorda home has seen plenty of storms in its 47 years
"We did very well. We had no problems with it. We had a roof over our head," she said.
But homeowner she says she worries she won't be able to weather the storm coming from her insurance company.
"What do they want us to do? Lose our home?" she asked.
An inspector from Citizens Property Insurance told her that her house isn't well-enough prepared for a hurricane and that her premium will go up by $800.
And she got that news after spending $400 on a new steel door and shutters.
"That will make it over $2,000 a year. That does not include our flood policy, so that'll give us almost $4,000 of insurance to cover use for the year," MacDonald explained.
She's not alone.
A March 2012 report shows that of the nearly 150,000 homes Citizens inspected, 71 percent of the inspections resulted in a premium hike.
Only 7-percent resulted in a decrease and the inspections aren't optional.
Because Citizens Insurance has so many policy holders, if a hurricane hit it would never be able to cover the losses.
"Citizens has grown from an insurer of last resort, it's become over the years, more like the insurer of first resort and what that's caused is a company that the taxpayers and citizens of Florida are on the hook for," said Senator Garrett Richter.
An independent contractor says Citizens needs to lose 700,000 policy holders in order to be able to cover losses.
MacDonald says she'll gladly leave Citizens if she can afford to.
Officials with Citizens say the inspections have nothing to do with trying to lower the number of policy holders it has.
So far, they've completed inspections on about a third of the homes they cover.
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