Many Florida homeowners are worried a hurricane tax could be looming over the state as hurricane season is in high gear.
While Hurricane Idalia spared Southwest Florida, there is fear that another big storm to any part of the state could leave everyone paying for repair bills for years to come.
If a private insurance company gets hit with a big storm and they can’t afford to pay out… they can go bankrupt. However, state-run Citizens can’t go belly up, so that leaves people statewide — even those who don’t own a home in Florida, picking up the tab.
Governor Ron DeSantis warned back in March that Citizens simply doesn’t have enough money to cover its more than 1.3 million policies.
“I think as most people know Citizens has not been solvent, if you did have a major hurricane hit with a lot of citizen’s property holders it would not have enough to pay out,” DeSantis stated.