Many feared that one big storm could cost every homeowner in Florida if the state-backed insurer of last resort, Citizens Property Insurance Corp., couldn’t afford to pay out claims from its more than a million policies.
Industry experts feared that Citizens was taking on too many policies due to the runaway litigation and insolvencies that have plagued property insurance companies in the state in the last few years.
“What we're telling our policyholders and everybody right now it's Citizens is in good financial shape.
We're structured to sort of handle the ups and downs of the market,” Michael Peltier, spokesperson for Citizens, told us at their booth at the insurance village.
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