Republican Florida Gov. Ron DeSantis has been generating headlines for nearly a year since publicly stating twice that he’s worried about state-run Citizens Property Insurance being able to handle claims in the wake of a major hurricane.On CNBC on Feb.28, the governor said, “They have taken out hundreds of thousands of policies from citizens which was created decades ago. It is not solvent and we can’t have millions of people on that.”Just this Tuesday, Democratic Rhode Island U.S. Sen. Sheldon Whitehouse, who chairs the budget committee, wrote a letter to the CEO of Citizens, Tim Cerio.Whitehouse expressed similar concerns in a letter last November that Citizens might require “a federal bailout” in the aftermath of a major hurricane.”Citizens will always be able to pay the claims of its insured. Florida has never sought a federal bailout to cover hurricane losses,” Cerio said in a response. But Whitehouse says Citizens’ policyholders should be very concerned.“There is a very very genuine risk in Florida that is being manifested in the insurance crisis that Florida is experiencing,” Whitehouse said. If you’re a Citizens policyholder, you may be understandably worried. Will your home be covered in a disaster? Insurance experts WESH 2 News talked with say yes.“Citizens is in better shape financially than most of the private market carriers doing business in Florida,” Tom Cotton, an Orlando insurance agent, said. He says Citizens has a nearly $6 billion surplus, can tap into catastrophe funds to cover losses, and, in his view, is rock solid.He also believes the senator’s investigation is tied more to the presidential election year than insurance concerns.“It’s pure political theater,” Cotton said. “Call it what you want to, but the fact of the matter is that Citizens Property Insurance owes us a lot of answers and owes the people of Florida a lot of answers,” Whitehouse said. WESH 2 News requested an interview with the CEO or a spokesperson with Citizens insurance. That request was declined.Top headlines: Central Florida rent prices decrease for the first time since 2021 Cocoa father dies from dangerous wood burning craft he learned online Teacher arrested for alleged sexual offense in Daytona Beach
Republican Florida Gov. Ron DeSantis has been generating headlines for nearly a year since publicly stating twice that he’s worried about state-run Citizens Property Insurance being able to handle claims in the wake of a major hurricane.
On CNBC on Feb.28, the governor said, “They have taken out hundreds of thousands of policies from citizens which was created decades ago. It is not solvent and we can’t have millions of people on that.”
Just this Tuesday, Democratic Rhode Island U.S. Sen. Sheldon Whitehouse, who chairs the budget committee, wrote a letter to the CEO of Citizens, Tim Cerio.
Whitehouse expressed similar concerns in a letter last November that Citizens might require “a federal bailout” in the aftermath of a major hurricane.
“Citizens will always be able to pay the claims of its insured. Florida has never sought a federal bailout to cover hurricane losses,” Cerio said in a response.
But Whitehouse says Citizens’ policyholders should be very concerned.
“There is a very very genuine risk in Florida that is being manifested in the insurance crisis that Florida is experiencing,” Whitehouse said.
If you’re a Citizens policyholder, you may be understandably worried.
Will your home be covered in a disaster? Insurance experts WESH 2 News talked with say yes.
“Citizens is in better shape financially than most of the private market carriers doing business in Florida,” Tom Cotton, an Orlando insurance agent, said.
He says Citizens has a nearly $6 billion surplus, can tap into catastrophe funds to cover losses, and, in his view, is rock solid.
He also believes the senator’s investigation is tied more to the presidential election year than insurance concerns.
“It’s pure political theater,” Cotton said.
“Call it what you want to, but the fact of the matter is that Citizens Property Insurance owes us a lot of answers and owes the people of Florida a lot of answers,” Whitehouse said.
WESH 2 News requested an interview with the CEO or a spokesperson with Citizens insurance.
That request was declined.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.