Office Approves Removal of up to 10,000 Policies for the July Citizens Insurance Take-Out
Tuesday, April 29, 2014
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance Corporation to Southern Oak Insurance Company. This is part of the state’s ongoing effort to reduce the number of policies in state-backed Citizens and transfer them into the private insurance market. Southern Oak has requested to remove 8,500 policies from Citizen’s Personal Lines Account (non-coastal properties) and 1,500 from the Coastal Account (coastal properties) for the July 15, 2014 take-out period.
Today’s announcement brings the total number of policies approved for take-outs this year to 344,341. Polices approved for removal by the Office are not all necessarily eliminated from Citizens inventory. The policyholder has the choice whether to be transferred to the take-out company or remain with Citizens. Policyholders choosing to be transferred have a lower risk of being charged higher amounts for Citizens assessments. To date, 106,380 policies have been removed from Citizens.