Is anybody surprised? If anyone thinks that Florida property insurers are not sucking on the government tit while shafting taxpayers and paying off legislators all the while letting a consumer controlled insurance fund become extinct is stupid. Hope I didn’t offend anyone.
My political rant for the month
So, if I read that correctly, if Citizens takes a loss, the taxpayers pay for it. If other companies take over Citizens clients, and go belly-up, the taxpayers pay for it. All the while, the taxpayers are paying for the insurance, at elevated rates.
My Father has a phrase for this, Getting F***ed, eight ways from Sunday"!
Don’t forget that the state sells reinsurance from the CAT fund to all companies in the state, but is severely undercapitalized, so if a major storm hits, not only will all citizens of Florida be paying for the Citizens Insurance shortfalls, but the CAT fund shortfalls for every company in the state…along with paying for what Eric posted above.
They tried to raid the cat fund but consumers are waking up and calling their legislators.
Eric…not only that but taxpayers are left footing the bill for chasing these Ferengi’saround…
Ahhh, it wouldn’t have been all that long ago that they could have rounded up all the insurance executives and indicted them under the RICO act!