Office Approves Removal of up to 10,000 Policies for the September Citizens Insurance Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance Corporation to Southern Oak Insurance Company. This is part of the state’s ongoing effort to reduce the number of policies in state-backed Citizens and transfer them into the private insurance market. Southern Oak has requested to remove 8,500 policies from Citizen’s Personal Lines Account (non-coastal properties) and 1,500 from the Coastal Account (coastal properties) for the September 16, 2014 take-out period.
Today’s announcement brings the total number of policies approved for take-outs this year to 369,341. Polices approved for removal by the Office are not all necessarily eliminated from Citizens inventory. The policyholder has the choice to remain with Citizens. Policyholders choosing to be transferred have a lower risk of being charged higher amounts for Citizens assessments. To date, 110,671 policies have been removed from Citizens.