TALLAHASSEE, Fla. – Oct. 2, 2014 – The Florida Office of Insurance Regulation (Office) has approved more homeowners policies for removal from Florida-owned Citizens Property Insurance Corporation (Citizens).

Under the latest announcement, up to 211,080 personal residential policies and 4,408 commercial residential and non-residential polices could go to private companies.

Citizens' latest announcement also includes information on the number of homeowners who actually leave Citizens, since they're usually given a choice.

Year-to-date, Citizens says it approved 1,109,644 policies for removal. However, the actual number of policies removed from Citizens this year, as of Aug. 30, 2014, is 124,995 – about 11 percent.

By statute, policyholders may choose to remain covered by Citizens; however, they may be at risk of higher assessments should a major disaster cause major damage.

Companies approved to take on Citizens policies

• American Colonial Insurance Company – approved to remove up to 22,050 personal residential policies from the Personal Lines Account (PLA)

• Cypress Property & Casualty Insurance Company – approved to remove up to 23,000 personal residential policies ‒ 20,337 PLA and 2,663 from the Coastal Account (CA)

• Heritage Property & Casualty Insurance Company – approved to remove up to 20,000 personal residential policies (17,000 PLA/3,000 CA) and up to 600 commercial residential polices from the Commercial Lines Account (CLA) and CA

• Homeowners Choice Property & Casualty Insurance Company – approved to remove up to 69,000 personal residential policies (24,150 PLA/44,850 CA)

• Mount Beacon Insurance Company – approved to remove up to 29,515 personal residential policies (19,515 PLA/10,000 CA)

• Olympus Insurance Company – approved to remove up to 10,000 personal residential policies (7,793 PLA/2,207 CA)

• Safepoint Insurance Company – approved to remove up to 18,000 personal residential policies (15,000 PLA/3,000 CA)

• United Property & Casualty Insurance Company – approved to remove up to 2,027 commercial residential policies (1,824 CLA/203 CA)

• Weston Insurance Company – approved to remove up to 19,515 personal residential policies in the CA and up to 1,781 commercial residential

 

 Reprinted with permission. Florida Realtors®. All rights reserved