How secure is Florida's Citizens Property Insurance?
By Beatrice E. Garcia and Evan S. Benn | Miami Herald
In less than four years, Citizens Property Insurance went from being a temporary fix for Florida's troubled insurance market to the state's largest insurer of homes, condos and apartments.
Along the way, it has paid out nearly $5.9 billion in 313,237 claims from eight hurricanes. It ramped up operations to handle catastrophes practically as the storms raged. Its staff has gone from fewer than 100 to more than 1,000. And it took on some 300,000 policies practically overnight when three insurers failed two years ago.
Citizens — and all insurers working in Florida — got a big break in the past two years because no hurricane made a direct hit on the state.
The question now: Is Citizens, with nearly 1.3 million policyholders, prepared to handle what 2008 may bring?
Read the complete story at miamiherald.com
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