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More Residential Policies Moving Away From Citizens Insurance
May 8, 2015
Another 30,050 policies have been approved to move to the private insurance industry from the state-backed Citizens Property Insurance Corp. The state Office of Insurance Regulation on Thursday announced a round of private-insurer “takeouts” going to two companies — Heritage Property & Casualty and Southern Oak.
Heritage, which has grown to the state’s fourth-largest insurance company, is in line to receive up to 20,000 personal residential policies and 50 commercial residential policies. Southern Oak can pick up 10,000 personal residential policies.
The “takeouts” are scheduled to occur July 14 for the 50 commercial residential policies and July 21 for the personal residential lines.
Based upon prior takeouts, not all the targeted policies will change hands. Policyholders are allowed to reject takeout offers. Of the 632,286 policies that have been approved this year for “takeout,” 110,529 have moved from Citizens to private insurers.
Citizens reported that it had 595,671 policies as of Feb. 28, a vast decline from a high of 1.5 million policies in 2012.
by The News Service of Florida
Comments
One Response to “More Residential Policies Moving Away From Citizens Insurance”
Notice; I am sick of subsidizing your insurance so that you can afford to live on the beach. Shut Citizens Insurance down, and get the State of Florida out of the insurance business.