Page 2 - Tim Cerio News Today

The state-backed insurer of last resort, Citizens, is finally seeing policy counts drop after years of rapid increases.

TALLAHASSEE — Private insurers pulled more than 275,000 policies last year from the state’s Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO

Private insurers pulled more than 275,000 policies last year from the state's Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying Wednesday he thinks "we're coming through to the other side" after years of troubles in the market.

Citizens expects to have 330,000 policies going to the private market.

Florida insurance crisis for homeowners now faces the grim prospect of an "explosive" hurricane season, casting shadows on the financial resilience

In Florida, homeowners are grappling with insurance rates that are nearly three times the national average, a situation that has prompted concerns at both the state and federal levels. The average cost of home insurance in the Sunshine State has soared to approximately $6,000 annually, significantly outpacing the national average of about $1,700. This surge in premiums is attributed to a 102% increase over the past three years, according to the Insurance Information Institute. Gov. Ron DeSantis

On Tuesday, Democratic Rhode Island U.S. Sen. Sheldon Whitehouse, who chairs the budget committee, wrote a letter to the CEO of Citizens, Tim Cerio.

Research shows the soaring costs hint at widespread, unpriced risk as the global climate warms, with states like California, Florida and Louisiana hit hardest.

Gov. Ron DeSantis raised more concern about Citizens amid a federal investigation into whether the state insurer has enough money in the bank for a future natural disaster.

Gov. DeSantis is laying it bare, saying the Citizens Property Insurance Corporation “is not solvent,” meaning it could go bankrupt if a major hurricane hits Florida.