Office Approves Removal of 97,231 Policies for the October Citizens Insurance Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 91,499 multi-peril personal residential policies and 5,732 commercial lines polices from Citizens Property Insurance Corporation (Citizens) to the following four companies:
· SafePoint Insurance Company has been approved to remove 30,000 policies from the Personal Lines Account and 5,000 from the Coastal Account;
· And, Weston Insurance Company has been approved to remove 14,253 wind-only policies from the Personal Lines Account and 3,332 from the Commercial Account.
Citizens’ Personal Lines Account contains non-coastal properties and the Coastal Account contains coastal properties. The take-out periods are October 21, 2014 for Personal Lines and Coastal Account policies and October 14, 2014 for Commercial Account policies and are at the request of the above companies. 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.
Today’s announcement brings the total number of policies approved for take-outs this year to 466,572. Policies approved for removal by the Office are not all necessarily eliminated from Citizens inventory. The policyholder has the choice to remain with Citizens. Policyholders choosing to be transferred have a lower risk of being charged higher amounts for Citizens assessments. To date, 119,434 policies have been removed from Citizens.
For more information, please visit the Office’s “Take-Out Companies” webpage at: http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.