It will look into its financial viability
The US Senate Budget Committee has initiated an investigation into the financial viability of Citizens Property Insurance Corporation, known as Florida’s insurer of last resort.
In a letter addressed to Governor Ron DeSantis and other top Florida officials, Committee Chair Sheldon Whitehouse requested documents outlining Citizens’ plans to “address increased underwriting losses from climate-related extreme weather events.”
The letter went on to state that Florida might turn to the federal government for a bailout in the event of Citizens’ insolvency, adding that such a request could put the budget and American taxpayers “at substantial risk.”
“As most people know, Citizens has not been solvent,” DeSantis had said to the press last March. “If you did have a major, major hurricane hit with a lot of Citizens property holders, it would not have enough to pay out.”
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