Florida Office of Insurance Regulation: Approves Citizens Insurance Removal of 142,500 Policies to Private Insurance Market

Citizens Property Insurance Continues To Remove Home and Commercial Policies

On October 8th, 2015, the Florida Office of Insurance Regulation approved Citizens Property Insurance Corporation to remove 142,500 more insurance policies from their portfolio. The there are two types of policies affected in this removal, 140,000 are personal residential policies and the other 2,500 are commercial policies.

Private Insurance Companies Absorbing Citizens Policies:

  • Anchor Property & Casualty Insurance Company
  • Heritage Property & Casualty Insurance Company
  • Olympus Insurance Company
  • United Property & Casualty Insurance Company

When Is This Happening?

The personal residential policies are set to be removed starting on December 22nd, 2015 and the commercial policies are set to be transferred on December 15th, 2015. Citizens Property Insurance is the state-ran insurance carrier that was originally formed to provide homeowner’s insurance and commercial property insurance for those individuals and businesses that could not otherwise obtain insurance policies through the private insurance market.

Why Is Citizens Pushing To Drop My Policy?

After several devastating hurricanes swept through South Florida, many private insurance companies were not willing to insurance homes and businesses, despite these structures being inland away from the water and not in deemed flood zones.

Florida has been hurricane-free for the last 9 years and since Citizens Insurance was setup to provide homeowners and commercial insurance as a last resort, the state is now attempting to lessen the number of policies under Citizen’s umbrella. It has been said that even though Citizens has several billion dollars in reserves to cover insurance claims, this would not be enough to cover all policyholders in the event a hurricane caused damages.

With this latest approval from the state brings the total number of insurance policies approved to be removed from Citizens in 2015 to over 1.3 million. Governor, Rick Scott, continues to lead the charge in getting Citizens Insurance back to its rightful position as the states option of last resort for home and commercial insurance.

Don’t Worry You Have An Insurance Team In Your Corner!

Being in the insurance business and owning several Brightway Insurance agencies in Palm Beach County, I get questioned everyday about home insurance policies. There are many great private home insurance carriers that a homeowner can purchase a policy through now. A few years back this was not the case however, and many people had no choice but to get their homeowner’s policy through Citizens Property.

At Brightway Insurance, my team and I have access to more home insurance carriers than most all other insurance agencies in all of South Florida. Every customer’s situation is unique and requires a different approach to obtain the best home insurance coverage and the very best price. We take pride in providing customized policies to fit our client’s individual needs, while delivering the appropriate coverage to protect against natural disasters and accidents, alike.

At my Palm Springs and Boynton Beach Brightway offices, we write policies through Citizens Property Insurance Corporation so we have extensive knowledge of their home insurance policies. We understand the similarities and differences between Citizens and other top-rated home insurance carriers. We have the expertise and know-how to evaluate your current home insurance policy and make recommendations that can save you money and get you better coverage for your home.

Wondering About Your Current Home Insurance Policy? Call Us Today!

We want to earn your business for life and to do so we look out for all of our customers. If there is a way we can change coverage options to save you money and still keep your home protected from all of the elements, we’ll tell you. My team and I provide honest, useful advice just as if you were part of our immediate family. If you currently have your home insurance with Citizens Insurance, I strongly recommend calling my team today and we can review your current policy and see if there are opportunities to save. There is no other insurance agency in Palm Beach County Florida that will work harder to save you money and get you better coverage for your home than my team at Brightway Insurance. Please call my Palm Springs or Boynton Beach office today and you’ll see how fun we make shopping for home insurance!

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