Florida’s largest insurer faces big risks from hurricane damage and they are trying to mitigate the risks by shifting customers to other carriers. If customers decide in favor of shifting over, they will help shrink the state-sponsored Citizens, which have over a million policies.
Everyone in the state could be charged up to six percent of their annual premium if Citizens cannot provide enough coverage after the storm. But their own policy holders could pay upfront and a pretty penny—up to 45 percent of their premiums.
Roger Desjadon, President of Florida Peninsula Insurance, was quoted in the article. He stated, private insurers provide the “more robust coverage” with lower risk of assessments from Citizens.
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