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Atwater warns against 'ripping off rate cap' for Citizens, says current law is working

CFO Jeff Atwater said Monday that the 10 percent rate cap on Citizens policies is working and shouldn’t be altered.. File photo by Ana Goni-Lessan.

Chief Financial Officer Jeff Atwater isn’t a fan of proposals in the House and Senate aimed at decreasing the policies and risk of Citizens Property Insurance Corp.

The bills (SB 1770, HB 853) soften the 10 percent cap on annual rate increases for Citizens, a state-backed company; allow Citizens to break the cap for new policies and a portion of existing policies with homeowners’ consent; applies the cap for existing policies by territory and not individual policies; eliminates coverage for new buildings seaward of the coastal construction line; and eliminates coverage for homes valued at more than $500,000 after five years, among other provisions.

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