Office Approves up to 65,990 Policies for Citizens January Take-Out
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.