TALLAHASSEE, Fla. — Florida has approved the removal of 150,000 policies, including those covering homeowners, from state-backed Citizens Property Insurance Co.
Insurance Commissioner Kevin McCarty said Thursday that the policies will be shifted to four companies beginning Nov. 6. They will add to 84,339 policies Citizens already has spun off this year.
Gov. Rick Scott and other officials have been pushing for Citizens, the state’s largest insurer against hurricanes, to reduce its exposure by shedding policies.
McCarty said 2012 will be the biggest take-out year for Citizens since 2008.
The policies will be assumed by Florida Peninsula Insurance Co. Homeowners Choice P&C Insurance Co., Southern Fidelity P&C, Inc. and Southern Oak Insurance Co.
Policyholders will have 30 days to reject the switch and remain with Citizens.