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Citizens Property Insurance Corp. has approved a slate of policy language changes designed to protect consumers while addressing rising costs of nonweather water loss claims and related litigation that continue to drive premiums higher, according to a statement from the state-run insurer of last resort.

The policy changes will also address issues that have arisen since the Citizens Managed Repair Program was enacted last year and a subsequent rise in litigation the company says has occurred as a result.

The proposed policy changes, approved by unanimous vote at the Board of Governors meeting on Wednesday, would boost incentives for policyholders to participate in Citizens Managed Repair Program while better ensuring that customers who choose not to participate have adequate funds to make permanent repairs following a nonweather related water loss.

The new policy language would limit payment on nonweather related water losses – a broken pipe, a leaking water heater – to $10,000, including $3,000 for emergency water mitigation services. Additional water mitigation exceeding the $3,000 limit would be completed by Citizens managed repair contractors at no cost to the policyholder. The changes would take effect Aug. 1, 2018, if approved by the Florida Office of Insurance Regulation.

Please enjoy the full article below,

https://www.insurancejournal.com/news/southeast/2018/04/12/486137.htm

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