There has never been a time when it is more important to be working with an insurance broker like Degginer McIntosh and Associates Insurance that has your interests in mind and has a variety of insurance companies that they have access too. You can see that from this article that discusses the fact that Citizens insurance is letting tens of thousands of their insureds go.
More than 30,000 insurance policies have been approved to move from Citizens Property Insurance to private insurers, bringing the total number of policies approved for being shifted out to 632,286.
The policies will be shifted to Heritage Property & Casualty Insurance Company, which can take up to 20,000 personal residential policies and 50 commercial residential properties, and Southern Oak Insurance Company, approved to take up to 10,000 personal residential policies, according to a news release.
About 110,529 policies have actually been removed this year so far.
The newest set of policies removed from Citizens is part of a larger statewide effort to transition those policies to the private sector.
Citizens dates back to 2002, when it was created by the legislature, and, though intended as a insurer of “last resort,” it experienced an influx of policies, peaking at almost 1.5 million in 2012.
The strategy for diminishing the policies became “takeouts”, which involve transferring the least risky policies. In March, Citizens hit its lowest number ever, and it’s expected to shrink even more, potentially bottoming out at 450,000.
The policies have a takeout period of July 21 for personal residential and July 14 for commercial residential property.
Contact Degginer McIntosh and Associates Insurance for your business and or personal insurance program.
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