Florida's Office of Insurance Regulation announced plans are underway to move 173,000 homeowners policies out of Citizens Property Insurance Corp., the state's insurer of last resort, to four private insurers.
The OIR said it has signed consent orders with American Integrity Insurance Company of Florida, Argus Fire & Casualty Company, First Home Insurance Company and Landmark One Insurance Company to begin taking out homeowners policies from Citizens' on Dec. 17.
"This is great news for the property insurance market in Florida," said Kevin McCarty, that state's insurance commissioner. "It is proof that the private insurance industry believes it can succeed and be profitable in Florida. And consumers will be offered policies at rates that are at or below Citizens' current rates."
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