May 18, 2022

Soknacki2014

The Number One Source For Business

Bills intend slow flow of insurance policies to state-backed Citizens

TALLAHASSEE — Offering a grim picture of Florida’s property-insurance system, senators backed proposals Wednesday aimed at bolstering the private market while slowing a flood of policies to the state-backed Citizens Property Insurance Corp.

“The word might be ‘catastrophe’ is where we are right now,” said Senate Banking and Insurance Chairman Jim Boyd, a Bradenton Republican who is sponsoring a bill (SB 1728) to try to address the issues.

State Sen. Jim Boyd, R-Bradenton

The Senate Agriculture, Environment and General Government Appropriations Subcommittee approved Boyd’s bill and another measure (SB 186), sponsored by Sen. Jeff Brandes, R-St. Petersburg, that focuses on making changes in Citizens Property Insurance.

Lawmakers are grappling with a market in which financially troubled private insurers are dropping policies, declining to write new coverage and seeking massive rate hikes. Part of the fallout has been thousands of homeowners a week seeking coverage from Citizens, which had about 777,000 policies as of Jan. 1 — an increase of more than 222,000 policies from a year earlier.