Florida Office of Insurance Regulation Approves Up to 65,990 Citizens Property Policies for January Take-Out

 

The Florida Office of Insurance Regulation (“OIR”) announced today, November 29, 2012, that it has approved up to 65,990 policies to be removed from Citizens Property Insurance Corporation (“Citizens”) by five Florida domestic insurance companies beginning January 8, 2013. 

The adds to up to 310,000 policies previously approved by the OIR for removal in November and December 2012.

The OIR news release listing the companies is reprinted below.

 

Should you have any questions or comments, please contact Colodny Fass& Webb.

 

Office Approves up to 65,990 Policies for Citizens January Take-Out

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of up to 65,990 more policies to be removed from Citizens Property Insurance Corporation (Citizens) by five Florida domestic insurance companies starting on January 8, 2013. This is in addition to the up to 310,000 policies approved for removal in November and December 2012. As of October 2012, a total of 87,337 policies have been removed from Citizens through the take-out process.

In an effort to provide even greater transparency for Citizens policyholders, each of the companies participating in the November, December and January take-out process have created a “Citizens Coverage Comparison” list that details their policy coverage options relative to what is offered by Citizens.

List of Office approved take-outs for November – December 2012 and January 2013: 

COMPANY	APPROVED TAKE-OUT MONTH	APPROVED MAXIMUM NUMBER OF POLICY REMOVALS	COVERAGE COMPARISON
Florida Peninsula Insurance Company	November January	45,000 15,000	Coverage Comparison
Homeowners Choice Property & Casualty Insurance Company	November	75,000	Coverage Comparison
Southern Fidelity Property & Casualty, Inc.	November	30,000	Coverage Comparison
Southern Oak Insurance Company	November January	10,000 10,000	Coverage Comparison
American Integrity Insurance Company of Florida	November December	50,000 40,000	Coverage Comparison
Heritage Property & Casualty Insurance Company	December January	60,000 20,000	Coverage Comparison
United Property & Casualty Insurance Company	January	20,990	Coverage Comparison

 

By Florida law, Citizens policyholders will be notified of the take-out request (assumption) and have 30 days to accept or decline the offer. If policyholders do not respond, they will be “assumed” by the Florida domestic company on January 8th.

Consumers interested in alternative coverage options may choose to explore the “CHOICES” Auto and Homeowners Rate Comparison System. CHOICES is an interactive program designed to give Florida residents the ability to compare homeowners insurance rates using sample risk scenarios.

For more information about the take-out process and to view the financial status of all approved take-out companies, visit the Office’s website at:
http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.

 

To view previous press releases regarding Citizens take-outs, please see below:
November 2012 Take-Out – 150,000 policies
November 2012 Additional Take-Out – 60,000 policies
December 2012 Take-Out – 100,000 policies

 

 

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