Warning: Constant ABSPATH already defined in /home/flanews/public_html/wp-config.php on line 34
Capitol News Service » Blog Archive » Citizens: A Last Resort

Welcome to

Capitol News Service

Florida's Best Political Coverage on Television

 


 


 


Recent Posts

RSS Quote of the Day

  • Charles Baudelaire
    "Everything that is beautiful and noble is the product of reason and calculation."
  • Wilson Mizner
    "The best way to keep your friends is not to give them away."
  • Benjamin Disraeli
    "Silence is the mother of truth."
  • H. Jackson Brown, Jr.
    "Never forget the three powerful resources you always have available to you: love, prayer, and forgiveness."

Citizens: A Last Resort

August 23rd, 2013 by flanews

The state’s property insurer of last resort is taking a step in reducing the number of policies the company has. The reduction may save some policy holders money, while costing others more.


With 1-point-2 million policy holders, Citizen’s no longer wants to be the states largest insurer.

“One of our goals has been to shrink citizens down to the insurer of last resort,” said Citizen’s spokesperson Mike Peltier.

Citizen’s is spending almost 45-million over 10 years to move policyholders to a private company. New applicants will be required to go through a clearinghouse being set up by the contract. If they’re offered private insurance no more than 15-percent higher than citizen’s rates, they won’t be allowed to use citizens.

Lawmakers passed a bill which was signed into law by the governor which will help citizens reduce their policy count number.

“That was the big reform from the legislature – to try to reduce the size of citizens and we support it,” said Sam Miller with Florida Insurance Council.

Citizen’s says it’s a two prong approach. The first point is to make the company the insurer of the last resort; the second goal is to make sure customers are receiving the best coverage possible.

“To provide customers with what may be comprehensive coverage then they can with citizen’s policy,” said Peltier.

The clearinghouse begins in January 2014.

”We’re trying to give customers the opportunity to find coverage in private market as opposed to coming back to citizens,” said Peltier.

Bolt Solutions beat out five other vendors for the contract with Citizen’s Insurance.

Citizen’s Renewal Customers will only be able to stay with the insurer of last resort if they can’t find cheaper rates elsewhere.

Posted in State News | 1 Comment »

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

copyright © 2016 by Capitol News Service | Powered by Wordpress | Hosted by LyonsHost.com