Citizens insurance rates draw disdain

TAMPA, Fla. – Dec. 16, 2011 – Winston Richards said Citizens Property Insurance insists he needs more than $400,000 in homeowners insurance even though real estate appraisers tell him his house is worth about $125,000.

“It’s like having a gun in your ribs and saying we’re going to take this money away from you and there’s nothing you can do about it,” Richards said.

And that’s not the worst of it.

For all that extra cash, you might think Richards at least has a better policy. But starting Jan. 1, Citizens no longer will cover a host of add-ons such as screened porches, pool enclosures and carports.

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