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Florida Beefs Up Its Last Resort Insurer

In steps to bolster the Citizens Property Insurance Company the lawmakers approved a $715 million appropriation to offset the insurer's 2005 deficit. That action would reduce the 11 percent premium as

By Steven Tuckey | Updated on May 08, 2006

The Florida Legislature has ratified several changes in the rate-setting process for the state’s property insurer of last resort to ensure they are more actuarially sound.

In steps to bolster the Citizens Property Insurance Company the lawmakers approved a $715 million appropriation to offset the insurer’s 2005 deficit. That action would reduce the 11 percent premium assessment faced by all property writers in the state to about 2.5 percent.

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