Private insurers come to the aid of troubled Citizens Insurance
Private insurance companies in Florida may be coming to the aid of the state’s beleaguered Citizens Property Insurance Corp. The state run insurance organization has been facing financial troubles for the past several years. The insurer is considered one of the last, best places to attain affordable homeowner’s insurance coverage in the state. This is due to the fact that many private insurance companies have been limiting the policies they write within Florida due to the state’s penchant for natural disasters and floods. The accommodating nature of Citizens Insurance means that the company can offer discounted insurance policies, but not at significant cost to its bottom line.
Insurers hope to assist in the depopulization of state-run insurance group
A group of private insurance companies have come together to declare their willingness to remove thousands of policyholders from the state-run insurance organization. These companies will depopulate the beleaguered insurance program if they are given access to millions of dollars worth of loans. The concept has already garnered the attention o the Citizens Property Insurance Depopulation Committee. The committee met this week to evaluate the plans offered by the companies that would participate in the depopulation effort.
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Citizens Insurance leaders show interest, but slow to approve initiative
Despite the apparent interest committee members have shown in the initiative, the committee as a whole is not eager to rush into a commitment. Governor Rick Scott has been pressuring Citizens Insurance to depopulate for some time, believing that such a move will help alleviate some of the insurance organization’s financial troubles. Citizens Insurance announced earlier this month that it hopes to transfer more than 500,000 policies to private insurance companies over the next three years.
Private policies expected to be similar to those offered by Citizens
The policies offered by the insurance companies that are looking to participate in the depopulation effort are similar to those offered by Citizens Insurance. Rates may be different in some cases given the differing regulations that govern public and private insurance groups.