As part of Florida's ongoing effort to reduce the number of policies in its state-created Citizen Property Insurance Corp., the state's Office of Insurance Regulation approved the removal of up to 47,831 personal residential policies and 500 commercial residential polices.
The policies are by the following companies:
- Heritage Property & Casualty Insurance Company – 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)
- Mount Beacon Insurance Company – approved to remove up to 17,831 personal residential policies (14,831 PLA/3,000 CA)
- Southern Oak Insurance Company – approved to remove up to 10,000 personal residential policies (8,500 PLA/1,500 CA)
This brings the total number of policies approved for take-outs in 2015 to 536,736. To date, 95,407 policies have been removed from Citizens in 2015. In 2014, the total number of policies approved for take-outs was 1,109,644.
By statute, policyholders may choose to remain covered by Citizens during take-out offers. However, they may be at risk of higher assessments.
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