Originally published by Sean Shaw.
I was surprised when I first saw the Sun-Sentinel article, Citizens files request for 72-hour deadline to report loss. The more I read and thought about the article the angrier I became. As I have written in the past, Florida policyholders continue to pay the highest property insurance rates in the country despite the fact that no serious hurricane has hit the state in years.1
Not only are our rates the highest, the actual coverage being offered is less inclusive. According to the insurance industry, the evisceration of coverage is necessary to combat forces driving up premiums. Coverages for sinkhole and water damage are drastically limited; changes are made to ACV/RCV payments; and Citizens has restricted coverage for high end homes and attached structures. Take a look at the following picture that reflects the rate requests made by Citizens earlier this year:
After all of the favorable legislation and coverage restrictions, the policyholders of Citizens will reap the…
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