TAMPA BAY, Florida - Following a series of 10 News reports investigating rate increases and coverage decreases at state-run Citizens Insurance, the agency is reversing a controversial policy regarding replacement cost value of homes.
State Sen. Mike Fasano, R-New Port Richey, who had said Citizens was unfairly inflating the replacement cost value of homes, said the change of tune was "great news" for Floridians and thanked 10 News for the help.
Now, instead of having to rely on replacement cost estimates from the insurance agency, Floridians will once again have the option to use their own estimators. It will provide homeowners more options for insurance at a time many are having trouble paying their ever-growing bill.
In a press release Friday, Citizens' President and CEO Scott Wallace said, "For most Floridians, their home is their most valuable asset. Our policyholders need to make sure that they can repair or replace their homes in the event of a catastrophic loss. It is important to provide our customers with a range of reconstruction cost options when determining insured value."