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: Florida’s Surgeon General Asked To Leave Meeting At State Senator’s Office After Refusing To Wear Mask
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: Finding This Year’s Most Popular Toys May Be Challenging Because Of Supply Chain Issues
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: Experts Don't Anticipate National Supply Chain Crisis To End Anytime Soon
The News Service of Florida contributed to this report.