Scott demands plan for shrinking Citizens Insuranceby John Kennedy | November 1st, 2011
Calls for revamping Citizens Property Insurance Corp., the state-run carrier for those who can’t find private coverage, has been a rite of spring in Tallahassee for years.
But Gov. Rick Scott on Tuesday is looking to accelerate that discussion — even as he still looks intent on finding a private company willing to take over Citizens, which now has 1.4 million policies statewide.
About half the homeowners’ policies in Florida are held by Citizens, which also is dealing with what actuaries say is 70 percent of the risk. Coastal homes and condos, which face a high hurricane threat, form the bulk of the company’s line.
Meanwhile, Citizens is adding 4,000 to 5,00o policies a week — with private carriers continuing to cold-shoulder high-risk Florida homeowners, officials said.
“This is not something we can continue to do,” Scott told the Cabinet on Tuesday.
Scott wants the Citizens governing board to meet later this month and present a blueprint for Citizens’ future Dec. 6 to him and the Cabinet. The goal, he said, is simple:” “to shrink exposure.”