#Politics #Hurricane #Florida #Milton
From #CNN ... A good article on Citizens, the state-operated "insurer of last resort" here in Florida because most of the private insurers have bailed or charge exorbitant premiums. Our agent signed us up for Citizens in May; it was less than half the quote we received from the private sector.
https://www.cnn.com/2024/10/11/business/citizens-insurance-hurricane-milton/index.html
@WordsmithFL
We've had Citizens for years. We like them. Unlike insurance companies, they are non-profit. The only downside is if solvency becomes a problem we get assessed a premium surcharge to ensure all claims are paid. If still insolvent, the rest of FL gets assessed a much smaller premium.
In my opinion, all insurance should be sold by non-profits.
@WordsmithFL: Yep. The state-owned insurers are really ultra-thinly-veiled government subsidizers for whatever it is, be it health, life, accident, or property. They essentially have bottomless pockets because, as the article states, losses that would bankrupt a private insurer are merely passed on to taxpayers.