GALLAGHER DISPUTES CITIZENS’ RATE REQUEST, RENEWS CALL FOR INSURANCE REFORMS
Tom Gallagher, Florida’s chief financial officer, said today that Citizens Property Insurance Corporation should not be allowed to arbitrarily raise rates without justifying them.
“Citizens should be transparent and accountable for its financial and ethical performance, and that includes the rates that it charges,” Gallagher said. “Nearly 800,000 Floridians are counting on Citizens for property protection and deserve options. That is why I am calling for federal and state solutions that will strengthen our property insurance market and expand coverage options for Florida homeowners.”
Other solutions being advocated by Gallagher to improve the affordability and availability of homeowners’ coverage include: creating a national catastrophe fund, allowing tax-deferred catastrophe reserves for insurance companies, standardizing Florida’s building codes statewide, and creating federal tax-free Catastrophic Savings Accounts.
The independent review of Citizens’ rate request is one of eight reviews of insurance companies’ rate filings conducted by Gallagher’s insurance consumer advocate in the last eight months.