PENSACOLA, Fla. — Florida’s home insurance crisis is creating a challenging environment for homeowners.
Over the last few years, lots of insurance companies in the state either liquidated or left the state voluntarily.
That put a strain on the state-run insurance program called Citizens Insurance.
They are overloaded with more than a million policyholders.
Congressman Matt Gaetz says more needs to be done.
“I do believe they have given the insurance industry too much,” Gaetz said. “They have allowed the insurance companies to increase rates to 30 or 40% year after year.”
“The answer is to ensure the cheap re-insurance that is provided by the state,” he added. “Results in the lower premiums for the regular people. Too often the insurance companies have the lobbyists and the PACs, and they get their way on everything. They have record profits and people are being driven out of their homes because they can’t afford the premiums. I think the answer is to wrangle the insurance companies to get the savings directly to the policyholder.”
Last week, Florida regulators approved to move more than 400,000 policies from citizens to nine different private insurers.
Those policies will be taken over in late October.
