Risky Business
How We Survive
00:00
Florida Citizens Insurance Is Too Low to Cover Risk
Citizens is overexposed and doesn't have enough cash on hand to cover losses from a big storm. Citizens currently has $346 billion of exposure with only $13.4 billion to pay claims. Since we talked, citizens' exposure has grown to over $400 billion. Mark says if a huge loss did happen, Florida would not go bankrupt because citizens would dramatically raise rates for its policy holders.
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