HomeHome Insurance76,000 Citizens policies to be taken by private insurers

76,000 Citizens policies to be taken by private insurers


Private insurers projected to take about 76,000 Citizens policies

SCHOOL GRADES WILL RETURN AGAIN NEXT YEAR. A BILL IS BEING CONSIDERED BY THE STATE LEGISLATURE THAT WOULD MAKE WINDSTORM INSURANCE COVERAGE MORE AFFORDABLE FOR CONDOMINIUM OWNERS IN FLORIDA. WESH 2’S. LIV JOHNSON JOINS US LIVE IN STUDIO RIGHT NOW TO TALK ABOUT IT. AND LIV, YOU SPOKE WITH AN INSURANCE EXPERT TODAY. WHAT THEY HAVE TO SAY? WELL, HE THINKS THIS BILL WILL BE GOOD FOR CONDO OWNERS IF IT PASSES, IT WOULD BRING DOWN THE PREMIUM PAYMENT AND OFFER ACTUAL CASH VALUE FOR THE ROOFS OF CONDO BUILDINGS. SO INSTEAD OF THE CURRENT SYSTEM, WHICH REQUIRES OWNERS TO PAY PREMIUMS BASED ON THE COST OF REPLACING A ROOF, THIS PROGRAM WOULD HAVE THE OPTION OF GETTING A POLICY BASED ON THE ACTUAL CASH VALUE OF THE ROOF, WHICH WOULD TAKE INTO ACCOUNT THE ROOF’S AGE AND THUS ITS DEPRECIATED VALUE. ELIGIBILITY REQUIRES A MAJORITY VOTE BY CONDO ASSOCIATION MEMBERS AND ROOF INSPECTIONS EVERY TWO YEARS. IT’S ALSO ONLY AN OPTION FOR CONDO BUILDINGS INSURED BY CITIZENS, PROPERTY INSURANCE, INSURANCE EXPERT MARK FRIEDLANDER SAYS HE THINKS THIS WILL BE GOOD FOR OWNERS, BUT THEY SHOULD ALSO BE AWARE OF THE RISKS WITH AN ACTUAL CASH VALUE SCHEDULE TOOL FOR ROOF REPLACEMENT. YOU’RE NOT GOING TO GET THE FULL VALUE BACK. SO DEPENDING ON THE AGE AND CONDITION OF YOUR ROOF, IT COULD BE MUCH LESS THAN WHAT IT WILL COST FOR THE ROOF TO BE REPLACED FROM A WINDSTORM. THE BILL WAS FILED BY SENATOR ANA MARIA RODRIGUEZ OF MIAMI. IF IT IS APPROVED BY THE LEGISLATURE AND SIGNED OFF BY THE GOVERNOR, IT WOULD BECOME LAW FOR FIVE YEARS. STARTING IN JULY 2024. BACK TO YOU LIVE. THANK YOU. A SEARCH IS UNDERWAY AFTER A PART OF A BUILDING IN NEW YORK COLLAPSED THIS AFTERNOON. NEW VIDEO TONIGHT SHOWS THE MOMENT IT CAME CRASHING DOWN. PLUS, WHY OFFICIALS ARE CONCERNED ABOUT CASUALTIES, ALTHOUGH NO INJURIES HAVE BEEN REPORTED YET. AND A LIVE LOOK FROM OUR SPACE COAST SPACE SCRUBBED TWO LAUNCHES THAT WERE SUPPOSED TO HAPPEN TONIGHT. THE NEXT OPPORTUNITY TO SEND UP A FALCON HEAVY AND A FALCON NINE ROCKET. AND WE ARE STILL KEEPING A CLOSE EYE ON THE COOL TEMPERATURES. YOU’LL WAKE UP TO TOMORROW. METEOROLOGIST MARQUISE MARQUISE RETURNS WITH THE BIG CHANGE. YOU’LL SEE AS WE GET LATER INTO THERESCUE CREWS IN THE BRONX ARE SEARCHING THROUGH THE RUBBLE OF A PARTIALLY BUILDING COLLAPSE. THE CORNER OF A SIX STORY RESIDENTIAL BUILDING CAME CRASHING DOWN AROUND FOUR THIS AFTERNOON. TAKE A LOOK AT THIS SURVEILLANCE VIDEO SHOWING THE EXACT MOMENT THE COLLAPSE HAPPENED. AUTHORITIES SAY THERE HAVE BEEN NO REPORTS OF INJURIES SO FAR. THE MAYOR OF NEW YORK CONFIRMING THAT ALL OF THOSE INSIDE THE STORE MADE IT OUT RIGHT BEFORE THE COLLAPSE. HOWEVER, FIRE OFFICIALS TONIGHT SAY THEY ARE DEEPLY CONCERNED THAT THERE MAY BE PEOPLE TRAPPED UNDER THE DEBRIS. BUT JUST AN HOUR AGO, THEY GAVE AN UPDATE SAYING CREWS HAD ALREADY GONE THROUGH A LARGE PILE OF DEBRIS UP TO 12FT HIGH IN SOME SPOTS AND HAD NOT FOUND ANY TRAPPED VICTIMS. I THINK IT’S REALLY IMPORTANT TO ENFORCE THAT. THIS IS AN ONGOING WING OPERATION. SO OUR MEMBERS BEHIND ME AS WE SPEAK ARE STILL CONDUCTING SEARCH AND RESCUE, AND THEY WILL DO SO UNTIL WE EITHER FIND SOMEONE OR CONFIRM THAT THERE IS NO ONE UNDER THAT RUBBLE. A WITNESS TELLS NBC NEWS THAT PEOPLE INSIDE A BODEGA AT STREET LEVEL KNEW SOMETHING WAS SERIOUSLY WRONG WHEN THEY HEARD A LOUD NOISE AND THEN A WATER PIPE BURST. THEY RAN TO SAFETY MINUTES BEFORE THE COLLAPSE. HUNTER BIDEN’S ATTORNEYS HAVE FILED A MOTION TO DISMISS THE GUN CHARGES HE FACES IN DELAWARE. BIDEN’S LAWYERS ARGUE THE CASE VIOLATES HIS SECOND AMENDMENT RIGHTS AND ARE ASKING PROSECUTORS NOT TO CHARGE THEIR CLIENT WITH A GUN CRIME. NBC NEWS HAS LEARNED BIDEN’S TEAM ALSO ACCUSED PROSECUTORS OF CONDUCTING A SELECTIVE AND VINDICTIVE PROSECUTION IN HUNTER. BIDEN IS CHARGED WITH OBTAINING A GUN AND LYING ON A FEDERAL FORM ABOUT HIS DRUG USE. HE ALSO FACES MULTIPLE TAX RELATED CHARGES. TRIPLE A IS EXPECTING A LOT OF FLORIDIANS TO EITHER HIT THE ROAD OR FLY SOMEWHERE FOR CHRISTMAS. AND NEW YEAR’S. TRIPLE A PROJECTING 6.6 MILLION FLORIDIANS WILL TRAVEL 50 MILES OR MORE DURING THE YEAR END HOLIDAY TRAVEL PERIOD, WHICH SPANS FROM DECEMBER 23RD UNTIL JANUARY 1ST. THAT’S NEARLY 218,000 MORE FOREIGN TRAVELERS THAN LAST YEAR. MANY OF YOU ARE TRAVELING DURING THE HOLIDAYS, AND WHILE YOU ARE GONE, ASK YOURSELF, IS YOUR HOUSE PREPARED? YEAH, AND IT’S AN IMPORTANT QUESTION. TODAY, THE ORLANDO UTILITIES COMMISSION PAID A VISIT TO SEAN PAGAN’S HOUSE AND HELPED FAMILIARIZE HIM WITH BEST PRACTICES BEFORE LEAVING YOUR HOME FOR A WEEK OR LONGER. THEY SAID EITHER TURN OFF YOUR AIR CONDITIONER OR LOWER THE THERMOSTAT AND CONSIDER KILLING THE BREAKER ON YOUR WATER HEATER. IF YOU HAVE AN IRRIGATION SYSTEM, THEY SAY, TURN THAT OFF. AND IF YOU HAVE A MAIN WATER, SHUT THAT OFF. YOU MAY WANT TO DO THAT AS WELL AS OR EXCUSE ME AS WELL, IN THE EVENT OF A PIPE LEAK OR BURST. YEAH. I THINK GOING FORWARD IT WOULD PROBABLY BE, YOU KNOW, TURNING OFF THE WATER, TURNING OFF THE AC, UNPLUGGING THE CHARGERS. I’M LIKE THE WORST WHEN IT COMES TO THAT, LEAVING STUFF PLUGGED IN THE WALLS. SO I’LL DEFINITELY BE CHANGING THAT. IF YOU WANT TO MAKE MORE SUBSTANTIAL CHANGES TO YOUR HOME TO IMPROVE ENERGY EFFICIENCY, YOU CAN ALWAYS CALL YOUR POWER COMPANY AND REQUEST AN AUDIT. SPACE X POSTPONED TONIGHT’S FALCON HEAVY LAUNCH DUE TO A GROUND SIDE ISSUE. THE NEXT LAUNCH OPPORTUNITY FOR THE US SPACE FORCE MISSION IS SCHEDULED FOR 814 TOMORROW NIGHT. THIS WILL BE THE THIRD TRY. THE COMPANY DELAYED SUNDAY NIGHT’S ATTEMPT BECAUSE OF BAD WEATHER. THE FALCON HEAVY WILL LAUN

Related video above: New bill filed to reduce costs of insurance for condo buildingsPrivate insurers are projected to take about 76,000 policies this month from the state’s Citizens Property Insurance Corp. amid long-running efforts to shift customers into the private market. Citizens President and CEO Tim Cerio gave the projection Thursday while speaking to the House Insurance & Banking Subcommittee. He also said Citizens is projecting that 338,000 policies will move to private carriers this year, up from about 275,000 in 2023. The shifts are part of what is known as a “depopulation” program, after Citizens during the past three years grew to become the largest property insurer in the state because of problems in the private market.Citizens had 1.236 million policies as of Friday, after reaching as many as 1.412 million policies in fall 2023. Citizens’ policy count was as low as 419,806 in 2019, according to data on its website. Under the depopulation program, private insurers seek approval from regulators to assume Citizens policies each month. Seven companies received approval to take as many as 200,000 policies in January, but the actual number assumed each month is below the maximum allowed.

Related video above: New bill filed to reduce costs of insurance for condo buildings

Private insurers are projected to take about 76,000 policies this month from the state’s Citizens Property Insurance Corp. amid long-running efforts to shift customers into the private market.

Citizens President and CEO Tim Cerio gave the projection Thursday while speaking to the House Insurance & Banking Subcommittee. He also said Citizens is projecting that 338,000 policies will move to private carriers this year, up from about 275,000 in 2023.

The shifts are part of what is known as a “depopulation” program, after Citizens during the past three years grew to become the largest property insurer in the state because of problems in the private market.

Citizens had 1.236 million policies as of Friday, after reaching as many as 1.412 million policies in fall 2023. Citizens’ policy count was as low as 419,806 in 2019, according to data on its website.

Under the depopulation program, private insurers seek approval from regulators to assume Citizens policies each month. Seven companies received approval to take as many as 200,000 policies in January, but the actual number assumed each month is below the maximum allowed.



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