Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course of several years. Now, Scott is looking for ways to make the company viable in the future.
The Governor hopes to sell Citizens to a private company. Such a move would alleviate the financial burden the company imposes on the state and may bring more competitive prices to the state’s property insurance market. Legislators have not yet been won over by the concept, however, as there may be other ways to fix the problems with the insurer. Scott is turning to Florida residents to learn their views on the situation.
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The Citizens’ Board of Directors will meet on November 16 in Orlando, Florida, where legislators, state and insurance officials will hear suggestions and commentary from state residents. Scott hopes that some insight on how to fix the company can be gleaned by adding different perspectives to the decision making process.