Citizens Property Insurance looks to shrink in size

11:32 AM, Jun 1, 2012   |    comments
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TAMPA, Florida (AP) - Florida's largest property insurer is seeking ways to reduce the number of homeowners it covers.

Citizens Property Insurance, the state-created insurer, held a summit Friday to discuss how to shift some of its 1.45 million policyholders to private insurers. The ultimate decision could impact insurance bills.

Some of the ideas discussed at the summit included raising homeowner insurance rates, creating a state-run pool to handle claims from hurricanes, and giving homeowners more information about private companies interested in assuming policies now held by Citizens.

But several speakers warned about taking steps that could hurt the state's economy since the real estate market is heavily dependent on what happens to insurance.

Citizens officials are already considering raising rates for new customers although some legislators have questioned whether the plan is legal.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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