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Fla. Approves Removal Of 150,000 Citizens Policies

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Citizens Insurance

(Source: citizensfla.com

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TALLAHASSEE (CBSMiami/AP) — If you have Citizens Property Insurance, you might be getting a new insurer in the near future.

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.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

 

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