Homeowners insurance at Citizens being moved in record numbers

Homeowners insurance New Jersey

Approximately 60,000 more policies are being shifted to private insurers with owner consent.

Citizens Property Insurance Corp in Florida has taken its next step in its aggressive effort to dump policies, having now announced that many of its homeowners insurance customers will need to decide whether or not they will remain with the state backed company.

Following all of its efforts it may shed up to 300,000 policies.

This drop would represent about one fifth of its total of almost 1.47 million policies. The goal is to have sloughed them away by the eHomeowners insurance Floridand of the year. In this latest wave, it could mean up to 60,000 homeowners insurance customers, assuming that they agree to switch to the private insurers. That number would exceed the quantity that have already been removed over the last three years, total.

In 2012, 234,000 homeowners insurance policies have already been removed or acquired by a private insurer.

The Florida Office of Insurance Regulation is the organization that identified the numbers that could be moved to private insurers within the state.

The law in the state says that the homeowners insurance policyholders must be notified by October 1, 2012, as to whether or not they have the choice to move to a private insurer from their current place with Citizens’. After that point, the customers have 30 days in which they can make their decision regarding the offer.

Should they give no response, by November 6th, it will be assumed that their preference is to continue their coverage with Florida Insurance Co, one of the ten largest insurers in the state. It has requested specifically for an additional 10,000 policies, though it may receive up to 45,000 should they receive the nod from the homeowners insurance customers from Citizens’.

In 2011, Florida Governor Rick Scott issued an order to Citizens which required them to come up with a plan to drastically reduce its risk in the event that the state should be affected by a major hurricane. This latest step is a part of a plan worth $350 million which received its approval earlier in September, for offering low-interest loans to private insurers in order to encourage them to take over the Citizens homeowners insurance policies.

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