Office Approves Removal of up to 427,584 Policies from Citizens
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 425,357 personal residential policies and 2,227 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following 14 companies:
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are November 18, 2014 for personal residential impacting both the PLA/CA policies and November 4, 2014 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing effort to reduce the number of policies in Citizens and transfer them to the private insurance market.
Today’s announcement brings the total number of policies approved for take-outs this year to 894,156 and the actual number of policies removed from Citizens as of August 30 of 2014 to 124,995. By statute, policyholders may choose to remain covered by Citizens; however, they may be at risk of higher assessments.