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Press Release

Office Approves up to 65,990 Policies for Citizens January Take-Out
Thursday, November 29, 2012
Contact Info:

Amy Bogner           
850-413-2515
Amy.Bogner@floir.com


TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of up to 65,990 more policies to be removed from Citizens Property Insurance Corporation (Citizens) by four Florida domestic insurance companies starting on January 8, 2013. This is in addition to the up to 310,000 policies approved for removal in November and December 2012. As of October 2012, a total of 87,337 policies have been removed from Citizens through the take-out process.

In an effort to provide even greater transparency for Citizens policyholders, each of the companies participating in the November, December and January take-out process have created a “Citizens Coverage Comparison” list that details their policy coverage options relative to what is offered by Citizens.

List of Office approved take-outs for November – December 2012 and January 2013:
 
 
COMPANY
APPROVED
TAKE-OUT MONTH
APPROVED MAXIMUM NUMBER OF POLICY REMOVALS
COVERAGE COMPARISON
Florida Peninsula Insurance Company
November
January
45,000
15,000
Homeowners Choice Property & Casualty Insurance Company
November
75,000
Southern Fidelity Property & Casualty, Inc.
November
30,000
Southern Oak Insurance Company
November
January
10,000
10,000
American Integrity Insurance Company of Florida
November
December
50,000
40,000
Heritage Property & Casualty  Insurance Company
December
January
60,000
20,000
United Property & Casualty Insurance Company
January
20,990
 
By Florida law, Citizens policyholders will be notified of the take-out request (assumption) and have 30 days to accept or decline the offer. If policyholders do not respond, they will be “assumed” by the Florida domestic company on January 8th.
 
Consumers interested in alternative coverage options may choose to explore the “CHOICES” Auto and Homeowners Rate Comparison System. CHOICES is an interactive program designed to give Florida residents the ability to compare homeowners insurance rates using sample risk scenarios.
 
For more information about the take-out process and to view the financial status of all approved take-out companies, visit the Office’s website at:
http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.
 
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Contact Info:

Amy Bogner           
850-413-2515
Amy.Bogner@floir.com

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.  For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm.​

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