New Citizens CEO discusses plan for Florida’s largest property insurer

TALLAHASSEE, Fla. – The state’s largest property insurer has a brand new CEO.

The board for Residents Property Insurance coverage Company named Tim Cerio to the submit.

It comes after the previous CEO, Barry Gilway, introduced his retirement after the final particular legislative session.

Cerio is not any stranger to Citizen’s. He spent the final two years performing as common counsel.

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Cerio takes the helm as new laws takes impact, impacting the corporate.

With new laws, it has turn out to be harder to qualify for Residents, and over the following couple of years, tons of of hundreds of coverage holders shall be nudged again into the non-public market.

Cerio says his precedence is making the transition as seamless as potential.

“I believe the most important problem is managing the expansion within the coverage rely,” Cerio instructed Information 6.

As Cerio steps into the function of CEO and government director of Residents Property Insurance coverage Company, his precedence is crystal clear.

“Reaffirming the dedication to say, ‘We get it.’ We have to focus all our methods on being that insurer of final resort,” Cerio mentioned.

Residents was designed to be the insurer of final resort, however over the previous few years in Florida’s turbulent insurance coverage market, Residents has ballooned to the most important insurer within the state with about 1.17 million insurance policies.

Cerio admits there’s a lot much less angst amongst lawmakers, and fewer legal responsibility on taxpayers, when the corporate is round 450,000 insurance policies.

“It’s going to take 18 to 24 months to see important enchancment. It may take longer for us to get right down to 450,” Cerio mentioned.

A few of Residents’ present coverage holders inform Information 6 they’re feeling the stress.

“Residents is pushing again on me to make use of non-public protection,” a viewer wrote to Information 6 in an electronic mail. “They’re offering prices for different non-public coverages and making me must agree or disagree every time.”

“We don’t wish to do issues that artificially hamper entry if you happen to’re in any other case certified, or that artificially kick you out when you have to be in,” Cerio mentioned.

In December, Florida’s legislature handed Senate Invoice 2A, which partly states that if a house owner can discover a coverage inside 20% of the worth of their Residents coverage, they’re not eligible for Residents.

The identical laws additionally requires Residents coverage holders to get flood insurance coverage in the event that they dwell in a flood zone.

Cerio’s precedence is ensuring the laws has the supposed impact: de-populating Residents.

“The message does appear to be clear from the Legislature and the governor,” Cerio mentioned.

“We have to return to being the insurer of final resort, however in case you are with Residents and whilst you’re with Residents, we’re going to take excellent care of you,” Cerio mentioned.

Residents additionally wish to give attention to enhancing customer support to their coverage holders, Cerio mentioned.

In the event you’re a Residents buyer, you would possibly have to be taking a look at alternate options over the following few months, if solely so that you’re not caught off guard.

You may hear to each episode of Florida’s Fourth Property within the media participant under: