Citizens is not solvent according to DeSantis
Florida Governor Ron DeSantis has said that state-backed Citizens Property Insurance is “not solvent” and could be in trouble if a storm hits the state.
.@GovRonDeSantis provides an update on the insurance market.
With major reforms enacted about a year ago, there’s been a change in the market’s dynamics, and new companies are moving into the state.
Rome wasn’t built in a day, but the market is heading in the right direction. pic.twitter.com/5xpTua7FRL
— Jeremy Redfern (@JeremyRedfernFL) February 28, 2024
“It is not solvent and we can’t have millions of people on that because if a storm hits, it’s going to cause problems for the state,” he said on CNBC.
Citizens, Florida’s insurer of “last-resort,” was formed in 2002 to provide windstorm and property coverage to state residents who could not obtain insurance elsewhere.
The insurer has been offloading policies in recent months to other insurers.
