Office Approves Removal of up to 132,941 Policies from Citizens
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 132,441 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following five companies:
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are February 17, 2015 for personal residential impacting both the PLA/CA policies and February 10, 2015 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.
Today’s announcement brings the total number of policies approved for take-outs in 2015 to 315,508. In 2014, the total number of policies approved for take-outs was 1,109,644 and the number of policies removed from Citizens as of November 20 is 185,405. By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments.