Gov De-Santis dropped a bomb during in a News Conference in Fort Myers. He came clean and told the truth that I’ve been sharing for over a year now, which is that Citizen’s insurance, which was supposed to be the insurer of last resort in the state of Florida does not have the funds to cover the insurance claims IF Florida is hit with a catastrophic hurricane.
The Florida insurance crisis has been going on for a long while now so if you have owned a Florida home for a long time you will be more than aware that the Florida home insurance market has been rampant with fraud and law suits that the majority of insurers have left this state, which has unfortunately created a monopoly for Citizens and they don’t have the money to pay out in the event there is a devastating hurricane. And while De Santis has changed the legislation and enacted new legislation to radically change the home insurance market which over time will bring more insurers back to the state and bring back competitive pricing, but that takes time and we don’t have any. As it stands today, we are at risk. When I say we, I mean every property owner in the State of Florida.
If we are hit with a catastrophic hurricane and Citizens don’t pay out because they don’t have the money, every Florida home owner will be assessed, but every single Florida property owner will end up funding it themselves. We will write the check that Citizens’s won’t be able to.
Blog by: Michelle Baydemir, Broker/Owner at Vacay & Co Real Estate