The Florida Office of Insurance Regulation has approved the removal of up to 181,909 personal residential policies and 2,591 commercial residential/non-residential polices from Citizens Property Insurance Corporation (Citizens) by the following six companies:
- Anchor Property & Casualty Insurance Co. – approved to remove up to 20,000 personal residential policies (15,951 Personal Lines Account and 4,049 Coastal Account)
- Heritage Property & Casualty Insurance Co. – approved to remove up to 50,000 personal residential policies (35,000 Personal Lines Account and 15,000 Coastal Account) and up to 500 commercial residential policies (400 Commercial Lines Account and 100 Coastal Account)
- Safepoint Insurance Co. – approved to remove up to 20,000 personal residential policies (12,000 Personal Lines Account and 8,000 Coastal Account)
- Southern Oak Insurance Co. – remove up to 15,000 personal residential policies (10,000 Personal Lines Account and 5,000 Coastal Account)
- United Property & Casualty Insurance Co. – approved to remove up to 50,500 personal residential policies (20,200 Personal Lines Account and 30,300 Coastal Account) and up to 1,000 commercial residential policies (940 Commercial Lines Account and 60 Coastal Account)
- Weston Insurance Co. – approved to remove up to 26,409 personal residential policies (Coastal Account), up to 1,064 commercial non-residential policies (Commercial Lines Account), and up to 27 commercial residential policies (Commercial Lines Account)
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account is coastal properties. The take-out periods are November 24, 2015 for personal residential impacting both the Personal Lines/Coastal Account policies and November 17, 2015 for commercial residential/non-residential impacting both the Commercial Lines/Coastal Account policies. This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.
This announcement brings the total number of policies approved for take-outs in 2015 to 1,178,693. By statute, policyholders may choose to remain covered by Citizens during take-out offers. To date, 141,647 policies have been removed from Citizens this year.
Related:
- Florida Approves Citizens’ 2016 Rates With Minor Adjustments
- Citizens: Water Losses the Reason for Rate Increases in South Florida
- Up to 280,857 More Policies Approved for Removal From Citizens
Topics Florida Property Casualty
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