Citizens Insurance Growth Alarming!

Citizens Insurance is growing by about 30,000 policies a month. It should end Q2 at or very close to 900,000 policies and exceed 1,000,000 policies before the end of 2022. I know many homeowners have no other option in this market but Citizens Insurance. What's alarming though is if a major hurricane or series of hurricanes were to hit Florida, Citizens Insurance may exhaust their capital reserves. If that were to happen, by law, Citizens Insurance would then place an assessment on every home and automobile owner in Florida to recoup the balance. This includes homeowners not insured by Citizens. 

Governor DeSantis recently signed new insurance reforms into law. However, Governor DeSantis himself stated these reforms will not have much effect in 2022 and may take until the middle of 2023 to show results. In the mean time several insurance companies are reacting to the new reforms by shutting down new business across Florida , putting new underwriting rules in place to only offer coverage to new homes, cancelling policies to reduce exposure or taking additional double digit rate increases.  Depending on the profile of your home and what part of the state you live in, finding new home insurance can be difficult.  

We still have some options available. Visit us at www.justasktim.com or give us a call (954) 678-2658 to see if we can help you.