But in a vote last year, the state Legislature OK’d a measure that would increase the cap by 1% over five years until 2026, when it would hit 15%.
Part of the reason that Citizens’ rates have been so low is a 10% annual rate cap imposed by former Gov. And if that still isn’t enough, the company can then charge 10% for each of Citizens’ three accounts to both Citizens and non-Citizens policyholders for as many years as necessary until the deficit is resolved.
If that amount doesn’t wipe out the deficit, Citizens is allowed to charge 2% to customers of private-market homeowner policies, auto, specialty and surplus lines policies. The first assessment - of up to 45% of Citizens’ premiums - would be borne by Citizens’ own customers. Yet, lawmakers and Citizens’ governing board members have been growing concerned about the potential impact of Citizens’ low rates on the health of the private insurance market and on insurance customers across the state.Īs Citizens grows larger, it becomes more vulnerable to one or more massive storms wiping out its reserve and triggering mandatory assessments until any deficit is paid. With no shareholders or owners, Citizens derives much of its value from how its $4.9 billion in surplus performs in the financial market. One reason Citizens can offer such low prices is that the company needn’t rely on the actual cost of providing insurance when setting rates. So in such an environment, wouldn’t it make sense to latch onto the lowest-priced insurer for as long as you can? “There’s no doubt that the price of homeowner insurance has gone up significantly over the past two years and is going up further.” “When you look at the impact on pocketbooks, the 43.7% is understated,” Burt said. That’s because the increases are compounded over time and become higher as home values swell, he said. Within hours, DeSantis’ campaign was selling “stop pussyfooting around” t-shirts for $34.47.Locke Burt, president and CEO of Security First, said the 43.7% increase tallied by his company seemed “pretty low.” “Are you going to throw your hat in the ring and challenge Joe? Are you going to get in and do it? Or are you just going to sit on the sidelines and chirp?”
“Stop pussyfooting around,” he said Thursday when asked about Newsom. Newsom said he would debate DeSantis with “one day notice with no notes” and Hannity moderating. During that same period, Florida’s population grew by about 700,000. California’s population declined by about 500,000 from April 2020 to July 2022, according to Census data. California has the 12th highest tax burden in the nation, while Florida has the fifth lowest, according to an analysis by Wallethub, a personal finance website.įlorida is the fastest-growing state in the nation, Census estimates showĬalifornians are leaving the state while Florida’s population is growing. … California continues to be the dominant economic engine for the American people,” he told Hannity.Ĭalifornians pay higher taxes than Floridians. “With all due respect, Florida doesn’t even come close. Newsom defended his state’s economic record during an interview with Fox News personality Sean Hannity, saying California is topping the nation in Nobel laureates, research and development, venture capital and patent applications. If California were a country, it would have the fifth-largest economy in the world in terms of nominal GDP. California’s per-person gross domestic product is about $92,200, compared with about $62,400 for Florida. How do the two states stack up on some key measures? Home to the nation’s tech and entertainment centers, California’s economic output is higher than Florida’s. Most recently, Newsom said California is considering pursuing criminal charges over migrant flights Florida sent to Sacramento. “Join us in California, where we still believe in freedom,” Newsom said in the ad. The California governor ran an ad in Florida, telling Floridians “freedom is under attack in your state” and taking aim at abortion bans and the Legislature’s LGBTQ+ bills. Seeking to boost his profile, Newsom visited New College of Florida, an institution DeSantis overhauled to reflect his conservative views.
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