Citizen Home Insurance Florida

Citizens Insurance , or Citizens , is the popular name for government established, not-for-profit insurers in Florida and Louisiana. In Florida, the insurer is Citizens Property Insurance Corporation . In Louisiana, the insurer is the Louisiana Citizens Property Insurance Corporation . Both were established in their respective states as insurers of last resort. The Louisiana corporation is also known as Louisiana Citizens

Florida

Citizens Property Insurance Corporation was created in 2002 to provide property insurance for home-owners who could not obtain insurance elsewhere.

As more and more companies have pulled out of the Florida market due to the extraordinary number of hurricane and sinkhole related claims over the last few years, Citizens has become not the insurer of last resort but the insurer of only resort for many Floridians. The cost of insurance and its availability has thus become an important "hot button" issue in Florida, especially in the 2006 elections.

From their web site: In 2002, the Florida Legislature passed a law that combined the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA). This resulted in the creation of Citizens Property insurance Corporation (Citizens), whose goal is to more efficiently and effectively provide insurance to, and serve the needs of, home-owners in high-risk areas and others who cannot find coverage in the open, private insurance market.

Up until the beginning of 2007, Citizens Insurance charged its customers the highest legal rate (highest approved rate by the Office of Insurance Regulation) so as to avoid competing with private carriers. Insurance agents were actually prohibited from writing policies through Citizens if there was a private (not surplus lines) carrier who could write the risk. With the recent changes by the Florida legislature, agents may write a Citizens policy for customers if a comparable policy offered by a private carrier is 15% greater (Florida Senate Bill 2498 (the Glitch Bill) signed into law by Governor Crist on June 11, 2007). Also, customers are now allowed to keep their Citizens policy if they do not wish to be insured by an assuming carrier - an insurance company who is taking the risk from Citizens; previously customers who were "taken out" were not allowed a choice (www.citizensfla.com).

Louisiana

From the website of the Louisiana Citizens Property Insurance Corporation : "The Louisiana Citizens Property Insurance Corporation is a nonprofit organization created to provide insurance products for residential and commercial property applicants who are in good faith entitled, but unable, to procure insurance through the voluntary insurance marketplace."

External links

  • Citizens Property Insurance Corporation -- www.citizensfla.com
  • Louisiana Citizens Property Insurance Corporation -- www.lacitizens.com
  • Homeowners for Affordable Coverage -- hacfl.org

References

  1. ^ Several companies in the Hanover Insurance Group use "Citizens Insurance" as part of their names. See: http://www.hanover.com/thg/companies.htm, Hanover's List of Affiliated Companies.
  2. ^ Also, see: Citizens Life Insurance, Citizens Insurance Company of America, a life insurer with executive offices in Texas.
  3. ^ As described on its website:

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