Large property insurers have been denying about half of the claims made.
Here is a link to the data from 2023: Click Here
Notably, Citizens did not respond with their data for this survey but overall there is enough here to condemn the industry. In Citizens’ depopulation scheme, over 100,000 have been thrown out of Citizens to be taken up by other companies as long as they do not charge more than 20 percent more.
An expose of one of them, Slide showed that it transferred 15,478 unsuspecting Citizens customers to premium rates that were 40% to 832% higher than Citizens.
As of the end of August, the Citizens rate increase for 2025 is expected to be 14 percent. Note that on July 10 they announced that they had spent $482 million to buy $3.56 billion in reinsurance for the 2024 hurricane season.
And that meant they had a total of $14.4 billion in claims-paying ability and there would be no need to levy any assessment on consumers.
Meanwhile condo and townhome owners can’t afford the cost of ownership and are trying to sell- so much so that the rate these houses on the market has increased by 91 percent in the last year in the second quarter. Florida has 1.5 million condos and 37 percent are in South Florida. A crash in the market with bankruptcies by HOAs is being discussed as a possibility.
That was the overall context for a number of individual stories about more children coming back to live with parents due to economic circumstances.
Habitat for Humanity built homes, but they can’t be used because people cannot afford insurance
The CWA pickets and the need for solidarity. The locations in Broward County: Click Here
