Please call L & S INsurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial and Life & Financial products as well.
Faced with a rising number of consumer complaints, Florida’s state-backed property insurer has announced a series of changes to its takeout program. The news comes as the insurer said it is highly unlikely to need policyholder assessments next year.
Citizens Property Insurance Corp. has been focusing on its depopulation program under which private insurers are allowed to try to assume Citizens policyholders.
Citizens officials said the takeout program has reduced the size of the insurer from its high of 1.5 million policyholders in November 2007 to its current level of 727,000 policies. Those takeouts have sent Citizens exposure down from $511 billion to $229 billion.
All told, this year alone private insurers have assumed 300,000 Citizens policyholders. State regulators just announced that it has cleared the way for five private insurers to assume 132,440 additional policies.
The takeout program, however, is not without its flaws.
Citizens policyholders are being inundated with offers of coverage as multiple private insurers are competing for the same policy. And there is little uniformity with regard to information provided by insurers, some of which neither the agent nor homeowners have previously heard of.
Although an agent or homeowner has the ability to reject the offers of coverage, in cases where multiple insurers make offers of coverage each offer must be responded to.
Please enjoy the full article below;
http://www.insurancejournal.com/news/southeast/2014/12/11/349765.htm
Thousand of customers of Citizens Property Insurance Corp. might be switched to other insurers without realizing they have a choice.
The state is allowing four private insurance companies to select nearly 100,000 policies to take over from Citizens by fall. Property owners can opt out of the switch, but the process has created confusion among policyholders, according to insurance agents and consumer advocates.
The concern is that new companies do not have the funds to pay Hurricane claims, but Reinsurance covers that by State law! If people took time to understand then they would realize that Citizens has the worst policy in the marketplace and they do not even have Reinsurance themselves. Any carrier is better than Citizens, but I agree the system is not a great one here in Florida.
Please enjoy the full article below and please call L & S Insurance for quotes form our 21 carriers other than Citizens at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial & Life & Financial products as well.
http://www.sun-sentinel.com/business/personal-finance/fl-citizens-removing-policies-20140811-story.html
Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below.
The latest approvals include:
- American Colonial Insurance Co. – approved to remove up to 5,441 personal residential policies, all from the Personal Lines Account (PLA).
- Anchor Property & Casualty Insurance Co. – approved to remove up to 30,000 personal residential policies (25,007 PLA and 4,993 from the Coastal Account (CA))
- Heritage Property & Casualty Insurance Co. – approved to remove up to 20,000 personal residential policies (17,326 PLA/2,674 CA) and up to 500 commercial residential policies (472 Commercial Lines Account (CLA) and 28 CA)
- Homeowners Choice Property & Casualty Insurance Co. – approved to remove up to 50,000 personal residential policies (17,500 PLA/32,500 CA)
- Mount Beacon Insurance Co. – approved to remove up to 27,000 personal residential (11,000 PLA/16,000 CA)
http://www.insurancejournal.com/news/southeast/2014/12/09/349348.htm
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