TALLAHASSEE (CBSMiami/NSF) – Another 45,500 policies have been approved to move to the private insurance industry from the state-backed Citizens Property Insurance Corp.
The Office of Insurance Regulation this week approved the latest round of private-insurer “takeouts” by two companies — Heritage Property & Casualty and Mount Beacon. The takeouts are scheduled to occur in June.READ MORE: Suspected Shoplifter Shot By Police After Pulling Weapon At The Falls Shopping Center In SW Miami-Dade
Based upon prior takeouts, not all the targeted residential and commercial-residential policies will change hands. Policyholders are allowed to reject the takeout offers.READ MORE: CDC's New Mask Mandate Encourages People To Get COVID Vaccinations
Citizens reported that it had 631,879 policies as of Jan. 31, a vast decline from a high of 1.5 million policies in 2012.MORE NEWS: 'There's More Aggression, More Confrontational Attitude': Miami Beach Police Chief On Increasing Safety, Security
The News Service of Florida contributed to this report.