Insurer To Takes Thousands Of Citizens’ Policies
TALLAHASSEE (CBSMiami/NSF) – Regulators have approved a plan by Southern Oak Insurance Co. to remove up to 10,000 residential policies from the state-backed Citizens Property Insurance Corp.
The move is part of an ongoing effort to shift policies from Citizens into the private insurance market.
The effort stems, in large part, from concerns about Citizens’ potential financial liability if hurricanes hit the state.
Southern Oak could remove up to 8,500 non-coastal properties and 1,500 coastal properties in September, according to the state Office of Insurance Regulation. Not all policies likely will go to Southern Oak, as policyholders can choose to remain with Citizens.
The News Service of Florida contributed to this report.