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Citizens Insurance discusses raising rates for Manatee policy holders Published: June 18, 2012

BRADENTON
Citizens Insurance discusses raising rates for Manatee policy holders Published: June 18, 2012 - property insurance - United States


BRADENTON -- Some call it a ticking time bomb; others a product of necessity. No matter what Floridians think of Citizens Property Insurance Corp., they can't manage to stay away.



Growing at a pace of 1,000 new policies a week, the mega state-run carrier is headed for financial disaster should a major storm rip through the Sunshine State, leaving taxpayers across Florida on the hook, experts say.

But because price controls have forced private insurers to bow from the market, a company created by state lawmakers to become the insurer of last resort has instead become the insurer of default.

The question nearly 1.5 million Citizens policyholders now will face this summer is are they willing to up their premiums so the private sector can compete or continue the present trajectory that ultimately will lead to full government control, said Tom Grady, interim president of Citizens.


Read more here: http://www.bradenton.com/2012/06/18/4081648/citizens-insurance-discusses-raising.html#storylink=cpy


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