TAMPA, Fla. (WFLA) – It’s another shakeup in Florida’s property insurance saga. The state has approved a plan to move 25,000 policies out of Citizens Property Insurance, the state’s insurer of last resort.
This is happening at a time when policyholders like Charles Frankel are barely getting by.
Mr. Frankel, 86, has lived in Florida for decades.
“This time, it’s $2,000, so it went up $300 and change,” he said.
Frankel is stressed. He has to fork out about $2,000 for flood insurance. His property insurance premium through Citizens, the state’s insurer of last resort, is nearly $3,000, and soon his property taxes will be due.
The trouble is the cost of living in Florida keeps going up, but Mr. Frankel’s income, social security and a small pension aren’t keeping up.
“It’s a lot of things to worry about at my age,” he said. “The flood insurance, you have to pay for the whole thing, the regular insurance, you can make payments.”
Mr. Frankel loves his house, and he’s already taken some drastic steps to stay here. He put an ad in the paper, and he’s been living with a roommate for years, but now, he says even that is not enough to afford to stay in this neighborhood.
“We try to resource our money together, and I’m getting murdered left and right. I mean, it doesn’t end.”
He came to Florida to retire, but now Mr. Frankel is looking to pack up and move out-of-state.
“The difference in North Carolina is I’ll have to pay city and state taxes,” Mr. Frankel said. “I’d like to stay here. I’d like to eventually go to the happy hunting ground living in this house. I love it!”
So, is Frankel going to be forced out of Citizens? Will you be kicked out? The answer is possibly. You’ll know by August 22, 2023.
Currently, Citizens has 1.3 million policies. On May 31, state regulators approved a plan to transfer 25,000 policies out.
Right now, a private company called Slide is looking at Citizen’s portfolio, and they are going to decide who they want.
If they want to take over your policy, you will be forced out. So, what are your options?
You can choose to go with Slide or another private company, but you cannot stay with Citizens.
Industry experts say your premium is likely to go up by 20% in the first year.