If you have an insurance policy with Citizens Property Insurance Corporation, you may want to pay close attention. A pair of private market insurance companies have received the okay from Florida’s Office of Insurance Regulation to “take out” a maximum of 50,000 residential policies currently covered under Citizens.
The “take outs” represent one of the latest efforts by the state to depopulate the insurer, which remains a last resort option for property owners that cannot find an affordable insurance coverage solution through the private market.
The policy removals are split among the two companies, with one of them removing over 15,000 residential policies, more than 5,000 multi-peril policies and 5,000 policies solely covering wind damage. The other company will remove up to 5,000 personal residential policies, over 2,000 multi-peril policies, and 7,500 wind policies.
If you happen to be among the customers that are selected for depopulation, make sure you pay close attention when you receive the notification. Citizens will send you a form explaining your coverage options, comparisons, and an estimate of what it would cost to renew. Perhaps most importantly, the forms will also have instructions on how to opt out of the take out and remain a Citizens policyholder.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.