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The Villages
Friday, October 7, 2022

Florida Chamber sounds warning as government-run Citizens Insurance hits one million policies

The Florida Chamber of Commerce sounded a warning Thursday as Florida’s government-run Citizens Insurance reached one million policies.

The government-run insurance is considered a policy of last-resort for those who cannot obtain insurance through more traditional means.

“Citizens Insurance topping the one million policy mark signals a market that is teetering, putting millions of Floridians and local businesses at risk of even higher costs in the form of hurricane taxes,” said Mark Wilson, president and CEO of the Florida Chamber of Commerce.

The Citizens Property Insurance Corporation was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere.

Wilson said that earlier this year, under the leadership of Gov. Ron DeSantis, the legislature took “important steps” to tackle “runaway litigation and the root causes driving up property insurance rates.”

However, he said it is clear that more must be done.

“The Florida Chamber looks forward to working with state leaders to continue building on those significant steps to heal Florida’s property insurance market and return Citizens to the insurer of last resort,” Wilson said.

Many are concerned that Florida homeowners could find that they are uninsurable. A rash of “free” roofs and the accompanying threat of litigation has played a major role in the insurance crisis.

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