Office Approves Removal of up to 280,857 Policies from Citizens
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 279,357 personal residential policies and 1,500 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following seven companies:
· Heritage Property & Casualty Insurance Company – approved to remove up to 50,000 personal residential policies (35,000 Personal Lines Account and 15,000 Coastal Account) and up to 500 commercial residential policies (400 Commercial Lines Account and 100 Coastal Account)
· Olympus Insurance Company – approved to remove up to 21,691 personal residential policies (17,173 Personal Lines Account and 4,518 Coastal Account)
· Safepoint Insurance Company – approved to remove up to 38,000 personal residential policies (15,000 Personal Lines Account and 23,000 Coastal Account)
· United Property & Casualty Insurance Company – approved to remove up to 55,000 personal residential policies (19,800 Personal Lines Account and 35,200 Coastal Account) and up to 1,000 commercial residential policies (940 Commercial Lines Account and 60 Coastal Account)
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account is coastal properties. The take-out periods are October 27, 2015 for personal residential impacting both the Personal Lines/Coastal Account policies and October 20, 2015 for commercial residential impacting both the Commercial Lines/Coastal Account 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 potential take-outs in 2015 to 994,193. By statute, policyholders may choose to remain covered by Citizens during take-out offers. To date, 128,133 policies have been removed from Citizens this year.