on
Jan
20,
2023
11:37:AM
Citizen’s Property Insurance Corporation is supposed to be the insurer of last resort, but the firm has become the state’s largest property insurer with more than 1 million policies.
However, there is a concerted effort to move property owners back to the private market.Property owners used to go to Citizen’s only as a “last resort” when they could not find insurance anywhere else, but more and more people have turned to them because they are the least expensive option.
In December, the Florida legislature passed a bill to try and change that, and many are already feeling the pinch.
‘Steered Me Away’When John Casaburro opened his latest insurance renewal, he was like many Floridians: smacked with sticker shock.
“I was shocked when I opened the bill,” Casaburro said. “It took me a day to get over it.”His policy went from $1,044 annually in 2021 to $3,287 for renewal in 2023, and it’s even more expensive if “full payment isn’t made,” according to the renewal notice.
“It’s a rich man’s deal here. If you can afford the full payment, you’re paying less money,” Casaburro said.
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