Right about now you should be receiving a letter in a Citizens Windstorm Insurance envelope with a Weston Insurance Company offer or other literature. There are other companies as well but for the sake of argument, I'll use Weston Insurance as the example. You will also receive a Weston Insurance Opt-Out letter and have 30 days to sign and return it so that you may stay with Citizens Windstorm Insurance. Otherwise, if you don't return it, your policy will be transferred to Weston Insurance at renewal and you will no longer be able to return to Citizens Windstorm Insurance. Well you may be able to return but at the new exorbitantly higher new rates passed by our Legislature and signed by the Governor.
As you may already know the current Legislature and the Governor have made one of their missions this year to end Citizen Windstorm Insurance as we know it. They want to turn it into an insurance of last resort. This insurance company was created and backed by the State of Florida as a result of Hurricane Andrew in 1992. We are well aware of what happened during that time as we were ground zero for its effects. We are also well aware that private insurance companies went belly up during that time as a result of the hurricane and were no where to be found when claims started pouring in.
Fact is fellow citizens these new insurance companies have been created by incentives provided by Citizens Windstorm Insurance surpluses. Fact is Citizens is a profitable and well run company with over 1M policies backed by the State of Florida. We all know how this story is going to end when a hurricane end up on our shores. We have been here before and the new private Windstorm Insurance companies will go bankrupt upon encountering significant losses. That's what private Windstorm Insurance companies do to avoid paying out more in claims than they have in the bank. Except in that case the state doesn't have to back the private companies as they have to with Citizens Windstorm Insurance. That's the crux of why the Legislature and Governor want to end Citizens. We will be left hanging dry once these companies go bankrupt and at the mercy of whatever aid the State and Federal government are willing to provide.
Below is a sample of what to look for and by all means do not throw the letter away thinking it's some sort of advertisement. The choice is yours and ignorance is not a viable excuse. You have to actively op-out if you don't want to be switched to the new companies participating in the Citizens Windstorm Insurance depopulation effort. Contact your homeowners insurance agent right away!
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