Office Approves Removal of up to 48,331 Policies from Citizens
Monday, March 9, 2015
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 47,831 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following three 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 May 26, 2015 for personal residential impacting both the PLA/CA policies and May 12, 2015 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.
Today’s announcement brings the total number of policies approved for take-outs in 2015 to 536,736. By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments. To date, 95,407 policies have been removed from Citizens this year.
For more information, please visit the Office’s “Take-Out Companies” webpage at: