The Florida Office of Insurance Regulation has approved theremoval of up to 45,000 personal residential policies and 500commercial residential polices from Citizens Property InsuranceCorporation by the following two companies:
- Heritage Property & Casualty Insurance Company – approvedto remove up to 20,000 personal residential policies (17,326Personal Lines Account and 2,674 Coastal Account; and up to 500commercial residential policies (472 Commercial Lines Account and28 Coastal Account)
- Mount Beacon Insurance Company – approved to remove up to25,000 personal residential, all Personal Lines Accountpolicies
Citizens' Personal Lines and Commercial Lines Accounts aremostly non-coastal properties and the Coastal Account are coastalproperties.
|The take-out periods are June 23, 2015 for personal residentialimpacting both the Personal Lines/Coastal Account policies, andJune 16, 2015 for commercial residential impacting both the CoastalLines/Coastal Account policies.
|This is part of the state's ongoing depopulation effort toreduce the number of policies in the state-created Citizens andtransfer them to the private insurance market. Today's announcementbrings the total number of policies approved for take-outs in 2015to 582,236. To date, 110,529 policies have been removed fromCitizens this year.
|By statute, policyholders may choose to remain covered byCitizens during take-out offers; however, they may be at risk ofhigher assessments.
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