Citizens has $1.5 billion surplus

Recent financial statements show the state-owned Citizens Property Insurance, has enough money to withstand a replay of the 2004 and 2005 storms without triggering the need for a bailout, according to the Sarasota Herald Tribune.

Citizens’ financial situation contradicts comments by many state lawmakers as they push legislation to dramatically change Florida’s insurance market by tilting the playing field toward higher profits for private carriers

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