Insurance Competition Lacking In Miami-Dade, Monroe
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MIAMI (CBSMiami/NSF) – A new report shows there is a lack of competition among insurers for certain types of residential policies Miami-Dade and Monroe counties. The report comes as the state looks to shrink Citizens Property Insurance Corp.
The report, issued last week by the state Office of Insurance Regulation, stems from a 2013 law aimed at steering customers away from Citizens and to private insurers.
That law placed a gradually tightening set of restrictions on homes that could be insured by Citizens, with the restrictions not applying in counties where it is determined there is "not a reasonable degree of competition."
The new report focused on policies that included coverage amounts from $900,000 to $1 million for homes and condominiums.
Those are the first types of policies targeted in the restrictions in the 2013 law. But the report singled out Monroe and Miami-Dade as not having a "reasonable degree of competition" for those policies. It said Citizens covered 96.8 percent of that market in Monroe and 62.5 percent in Miami-Dade.
"The News Service of Florida contributed to this report."
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