While private insurers continue to take over policies from Citizens Property Insurance Corp., Citizens often charges lower premiums than private insurers.
What if state-owned Citizens Property Insurance Corp. became the go-to provider of windstorm coverage for all personal and commercial property owners in Florida who want it? State Rep. Spencer Roach, who lost his home in Hurricane Ian in September 2022, says it’s an idea worth exploring. “My belief is that Florida eventually and inevitably is going to move into the direction of offering universal windstorm insurance. Homeowners would still purchase the rest of their coverage – fire, etc. – from a private insurer.
Roach told The Sun Sentinel that his plan would lead to insurance rates “dropping like stones” because companies would come back to the state as soon as they no longer had to cover hurricane damage.
Mark Friedlander with the Insurance Information Institute says, “the bill is ripe with problems,”. Taking on this liability could bankrupt the state. “Government-backed universal insurance coverage is a roadmap to failure. The burden eventually falls on all taxpayers whether it’s at the federal level or the state level,” said Friedlander.
Over the next couple of months, it will be up to committee members in Tallahassee to determine which approach is best.
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