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Over the past 50 years anytime the Florida market has been tested it fails. If Citizens isn’t insolvent, it will fail when tested. Insurance to TRU values, illuminate deductibles, will remove most of the fuel for the fire 🔥 of litigation. TRU Homeowners with Revolutionary “Risk Share” offered by Xinsurance includes a MOCK claim process so everyone knows what a claim looks like, so that after the next event/ storm everyone knows how we make happy customers and #benchthelawyers
Mark Friedlander is with the non-partisan and nonprofit Insurance Information Institute. Here's his take on the governor’s comment: “We’re not here to defend or analyze what he said. It is just not accurate," Friedlander said.
Citizens has safeguards in place to ensure that it can pay claims. Theoretically, those safeguards protect all stakeholders. Mark Friedlander outlined some of those safeguards. With respect to the Governor’s statement, is Citizen’s “solvent” based on the high standards and requirements of traditional insurers operating in FL - no, it is not.
At least desantis speaks truth on something
Insurance Company Executive | Board Member | Senior Strategic and Executive Advisor | Insurtech & Business Innovator
8moOne problem with HO insurance in Florida is that the insurance system currently doesn't typically allow for a policy to exclude certain roof risks (I'm not talking about wind) for roofs over a certain age. On the central west coast of FL where I live, I have many friends who are good risks in well maintained leak-free high value homes that have tile roofs (with expected life spans of 25-30+ years) older than 20 years. Most carriers won't insure them beyond a roof age of about 20 years yet the owner has paid (and is willing to pay) out of pocket for minor leaks or have never had any leaks. If Citizens could assume a portion of the roof risk and wind and traditional carriers could assume all the rest for the home, a significant percentage of premium could shift to the private market versus Citizens. This would clearly create some tension in the claims handling process but a well defined policy form and documented claims processes could likely alleviate most of the complexity. The biggest issue I see in FL HO is that, other than wind and flood, the policy structure is a take-it-or-leave-it.