Are Citizens Home Insurance Premium Hikes Becoming a Financial Disaster of Hurricane Proportions for Florida? Scary but True.

Hurricane Andrew hits Miami: FEMA image

Right now, Citizens is a government run, non profit insurance company that pretty much provides home insurance coverage for all of South Florida.  After Hurricane Andrew hit Miami (see that FEMA photo to the right, most of the area looked a lot like that), many insurance companies pulled out of Florida.

Their argument?  Insurance companies are for-profit concerns and hurricanes like Andrew could, and would, bankrupt them.  So, they pulled up their skirts and ran far away.

Citizens filled that gap, and many were (and are) grateful.  Problem is, Citizens is pulling lots of stuff now that means insurance premiums are skyrocketing.  People are seeing their annual premiums almost double.

This hurts you, me, almost everyone.  How and why?  Read the details over at AboutFloridaLaw including what people are doing about this, and what your options are.

No comments:

Post a Comment