Tropical Storm Isaac is churning towards South Florida and if you haven’t already done it, check your homeowners insurance and hurricane coverage before a moratorium is put in place halting any changes.
Florida legislators created Citizens Insurance a decade ago to take on homes other insurance companies wouldn’t touch. They became the largest insurer of homes in Florida and now the company is trying to change that.
Florida has dodged a bullet for the six years without a hurricane hitting the state. Now insurance industry experts have urged state lawmakers to beef up the Florida Hurricane Catastrophe Fund before a major storm or series of them hits.
In an effort to shrink their risk during and after the annual hurricane season, Citizens Property Insurance Corp. plans to quit providing coverage to coastal homeowners whose properties are valued at $2 million or more.
There’s a storm brewing over the state of Florida’s hurricane fund which is confronting a potential $3.2 billion shortfall, financial experts said Tuesday in a new estimate of the money available to the pool intended to help insurers make disaster payments.
South Florida property owners who rely on state run Citizens Property Insurance will be paying more for it next year.
If Florida were to experience a major hurricane, the state may not have the funds to pay off all the claims.
A sweeping property insurance package is poised for final passage in the Florida Senate after Senators Wednesday gave preliminary approval to a measure (SB 408) that makes a number of changes that were vetoed last summer by former Gov. Charlie Crist.