Thousands of Policies Moved to Private Property Insurance Companies
Citizen Property Insurance Corporation, a state-funded “insurer of last resort” for property owners that cannot find coverage, recently released 182,567 policies to nine private insurance companies after receiving approval from Florida regulators.
State regulators found this necessary as to be prepared in case of a wide-spread disaster, like a major hurricane.If Citizen Property Insurance Corporation couldn’t afford to pay out all of the insured’s claims, the rest of that state’s privately-insured may be forced to bail the publicly owned company out.
There is some criticism that nine homeowner’s insurance companies are not adequately funded and have not been tested to handle so many new policies, Florida’s insurance commissioner vehemently disagrees. Citizen Property Insurance Corporation policyholders who have been switched to a new insurance company can choose to stay with their original insurer if they do so in writing.
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