The Real Deal Miami

State loans for multi-millionaires

May 19, 2008 01:54PM

A property insurance company serving multi-millionaires in Florida obtained a $17 million low-interest state loan, saving wealthy Floridians $4,700 on insurance premiums. The money for this two-year-old program, which is up for renewal, comes from a state surplus. But with the surplus held by Citizens Property Insurance Corp., Citizens Chairman Bruce Douglas wants Gov. Charlie Crist to veto the surplus move, saying they need the money to pay claims. Many residents believe state money should not go to insurance companies that only serve multi-million dollar homes.