Desperate to shrink its dangerously overexposed state-run insurer, Florida is floating legislation to allow eligible surplus-lines insurers to take policies from Citizens Property Insurance Corp., the state's ostensible last-resort insurer.
As last-resort options go, "it's sort of an out-of-the-box approach," says Don Brown, an insurance agent and former state legislator, about the proposal being debated by state lawmakers. "But something has to be done."
Surplus-lines insurers could provide "one more option homeowners don't currently have," Brown adds. "And this state needs as many options as possible."
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