Not gutting it, but cutting it back to size. I don't see how, from where we are at, you can get rid of it, but you are going to have to figure out how to capitalize it. Right now, it's a fucking disaster. The next hurricaine could bankrupt the state because we wouldn't be able to pay claims.
This is, in my opinion, the most important issue currently facing the state, how to deal with citizen's property.
This is an interesting blog on the subject...
But Citizens isn't totally in dire straits. The insurer should have nearly $3.9 billion in cash in the bank by the end of the year, says Binnun.
Add in a guarantee from the State of Florida to buy $750 million of Citizens bonds, a bank credit line and proceeds from municipal bonds it has already sold and the total of available funds comes to $6.9 billion.
I think it's time we stopped the bullshit that Citizens is evil. People are having to insure with Citizens because everyone else cancelled them afraid they might have to pay out a claim!
Here's an idea...Let's cap the property value limit of anyone buying Citizen's to say.... $1 million? Hell, if you can afford a million dollar home, you can find insurance.
Let it (Citizen's) be there for those who need it.
