The Florida Office of Insurance Regulation has approved theremoval of up to 30,000 personal residential policies and 50commercial 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 (17,500Personal Lines Account and 2,500 Coastal Account) and up to 50commercial residential policies (40 Commercial Lines Account and 10Coastal Account)
  • Southern Oak Insurance Company – approved to remove up to10,000 personal residential policies (8,500 Personal Lines Accountand 1,500 Coastal Account)

Citizens' Personal Lines and Commercial Lines Accounts aremostly non-coastal properties and the Coastal Account are coastalproperties.

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The take-out periods are July 21, 2015 for personal residentialimpacting both the Personal Lines/Coastal Account policies and July14, 2015 for commercial residential impacting both the CoastalLines/Coastal Account policies.

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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’sannouncement brings the total number of policies approved fortake-outs in 2015 to 632,286. To date, 110,529 policies have beenremoved from Citizens this year.

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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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Read more from the Florida OIR HERE.

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