- 12 Apr
Citizens Approves Its Policy Changes
Citizens Property Insurance Corp. is once again generating headlines after approving several changes to its policy language aimed at tackling the expensive costs associated with non-weather water loss claims and the legal cases that have caused premiums to skyrocket. These changes will also cover issues that have emerged since the insurer implemented its Managed Repair Program last year.
With the Citizens changes, policyholders will be given perks to encourage them to sign up for the Managed Repair Program while also placing a greater focus on making sure that customers who decline participation have satisfactory funds to make permanent repairs after a water loss not related to the weather.
The policy changes will also limit payment on these types of losses to $10,000. Examples of these types of losses may include a leaky water heater or a pipe that’s broken. The $10,000 would also include $3,000 reserved for emergency water mitigation services. Any further water mitigation beyond the $3,000 would be taken care of by Citizens managed repair contractors which would not be charged to the policyholder.
To read more about the many Citizens policy changes, check out the Insurance Journal article at the following link:https://www.insurancejournal.com/news/southeast/2018/04/12/486137.htm.
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