Editorial: State's own insurance company needs help
It seems too many people who lost homes, or whose property was severely damaged, were told "too bad." There are thousands of claims that have gone unpaid.
Albritton, in a non-nonsense warning, said he would work to make sure every legitimate claim is paid.
He — and all lawmakers — may want to start with their own state-run insurance company of last resort —
In a story that broke last week and was printed in most every newspaper in the state,
That almost unbelievable news garnered a response from Citizens that tried to explain how something that sounds so bad really was not unusual.
The response was in reference to a report by Weiss Ratings analysis firm that said Citizens denied about 17,000 claims, or 50.4%, made in 2023. That data, according to a
Weiss said the percentage of unpaid claims was higher than other
Our question is what good is insurance if they're not going to pay when you have damage? This seems ludicrous.
Citizens made its argument as to why it did not pay.
Reasons, according to the
Citizens writes some of the riskiest policies in the state — earning the name the insurer of last resort. Because of that, many policies are categorized "wind-only" and deductibles for other damage are higher. That results in policies not paying off.Some homeowners whose policies were booted from Citizens mistakenly filed their claims with the state-backed company instead of their new insurer.Citizens required flood insurance for any property appraised at
The hard facts that our Legislature should be looking at is Citizens denied 50.4% of claims filed in 2023. Its record of paying claims has never been great.
Weiss reported, according to
Over the last five years,
To say these findings give Citizens — and our state as a whole — a black eye is not unreasonable.
The state formed Citizens for good reason and had good intentions of helping homeowners protect their investment. But the troubled insurance market in
Proxy Statement – Form DEF 14A
What your generation needs to know
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News