WTXL (ABC) Tallahassee — News at 5 p.m.
“Shifting Florida Property Insurance Burden Into the Private Market”
February 27, 2015 Legislation filed at the capitol this month would place new restrictions on policies shifted to private insurers from the state-backed Citizens Property Insurance Corporation. The proposal, to be considered during the legislative session starting next week, would require Citizens to provide written notice to policy-holders explaining the differences in coverage and rates between the customers’ Citizens policies and policies being offered by private insurers. also, it would require written consent from policyholders before the policies could be removed from citizens by private insurers. Sal Nuzzo, with The James Madison Institute, says it is important for Florida to continue to shift more insurance burden to the private market, since the state has not been hit by a major storm for nearly ten years. the company, which has been working to shift its least-risky policies into the private market, has reduced its number of policies by more than half, from 1.5 million in 2012 to just over 660,000 as of Dec. 31, 2014.Youtube link: http://www.youtube.com/watch?v=MPvSCl3-f3E&feature=youtu.be.
