Florida’s Homeowners Choice Assumes 23,000 Policies from Citizens

State officials have authorized a private Florida insurer to accept 23,000 policies from the state-owned insurer, Citizens Property Insurance Corp.

Homeowners Choice, Inc. said the assumption of these policies represents a 44 percent increase from the 52,000 policies already on the its books.

Citizens, which began as Florida’s home insurer of last resort, is now Florida’s largest homeowners’ insurance provider with more than 1 million policies in force.

The 23,000 policies are assumable under the state’s take-out program, which encourages private insurance companies to assume policies from Citizens to reduce the state’s risk exposure.

In October, the insurer was also selected by the state as the replacement insurer for 5,500 policyholders of American Keystone Insurance Co., when that company was placed into receivership. The state authorized Homeowners Choice to offer replacement coverage to those policyholders.

The insurer was also authorized to assume policies from Citizens in 2008.

Homeowners Choice writes homeowners’ insurance, condominium owners’ insurance and tenants’ insurance solely to Florida property owners. It has about 75,000 policyholders representing approximately $100 million in premiums.

Topics Florida Carriers Homeowners