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In the meantime, these owners have induced Residents to develop from 420,000 insurance policies in 2019 to 748,000 in early December. Beruff and different officers say they’re frightened that if Residents grows too massive, it received’t be capable to pay all claims after a number of catastrophes. If that occurs, Residents clients will face surcharges of as much as half of their annual coverage prices. If that cash doesn’t cowl all claims prices, all property insurance coverage clients in Florida will face surcharges to cowl any shortfall.
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