Citizens Officials Meet With Legislators
Posted By Givens Givens Sparks || Dec 13, 2012
A recent Palm Beach Post article reports that executives with Citizens Property Insurance Corporation are meeting with legislators to try and convince the lawmakers to approve their plan to spend $350 million dollars to entice private insurance companies to take some of Citizens’ policies. This plan has faced scrutiny, as the $350 million is actually low interest loans that could be forgiven if a hurricane makes landfall in Florida.
Citizens claims that they need to depopulate (have less insurance policies), because if a major storm hit the state, Florida homeowners would potentially risk assessments to cover the losses. How Citizens can claim this while also showing a record profit is beyond me.