Citizens Property Insurance

In a letter Wednesday to Senate President Wilton Simpson, R-Trilby, and House Speaker Chris Sprowls, R-Palm Harbor, Brandes said “Floridians are suffering from skyrocketing rate increases” and that he might use a provision in state law to try to spur a special session.

The requested 11% increase aims to reduce the gap between the rates of Citizens and private insurers.

The Florida Department of Financial Services will liquidate the Orlando-based St. Johns Insurance Co. and is seeking court approval of a “transition plan” that would move policies to Slide Insurance Co.

The bill is aimed at reducing the number of Citizens policies, thus making it easier for private companies to come into the state.

The rates would increase by 11% if its request is approved by the state Office of Insurance Regulation.

Citizens was originally created as an insurer of last resort, but it has seen huge growth since mid-2020 as private insurers have raised rates and reduced policies to try to stem financial losses.

The idea is to control costs in the hopes of bringing more insurers into Florida. But will it work?

Florida lawmakers passed a plan that could lead to larger rate increases for customers of Citizens Property Insurance Corp. and steps to curb roof-damage claims and lawsuits.

The Senate bill includes a limit on the amount homeowners could receive for roof damage.

Rate changes would vary, with owners of condos and mobile homes seeing a larger increase.

The state-backed Citizens Property Insurance Corp., considered an insurer of last resort, is again looking at ways to downsize its policy count.The…