New Opportunities for Florida Homeowners: Insurance Companies Approved to Assume Citizens Policies
In a recent development, the Florida Insurance Commissioner, Michael Yaworsky, has signed six orders granting approval for new insurance companies to assume Citizens Insurance policies in the state. This significant move has opened the door for offers to be extended to 153,000 Citizens’ policyholders, presenting them with alternative options for coverage.
Over the past few months, approximately 300,000 Citizens’ policyholders have received letters containing offers to transition to specific private insurers. Notably, policyholders retain the option to reject the switch, provided the offers do not exceed 20% of their existing Citizens‘ premiums.
The approved companies and their allocated policies are as follows:
SafePoint Insurance – 16,000 policies
Edison Insurance – 10,000 policies
TypTap Insurance – 25,000 policies
Florida Peninsula – 15,000 policies
Slide Insurance – 75,000 policies
American Traditions – 12,000 policies
All of these companies are set to commence operations on December 15th, offering policyholders a diverse range of choices for their insurance needs.
As the insurance landscape in Florida undergoes significant changes, it becomes increasingly crucial for policyholders to assess their options carefully. In this dynamic environment, having an Experienced Public Adjuster review any claim you have had in the last 12 months is advisable.
With the addition of these new players, it is evident that the state is taking steps to reduce its reliance on Citizens Insurance policies. As Citizens Insurance approaches 1.4 million policies, concerns have surfaced regarding its ability to handle a major storm in Florida without compromising its ability to meet claim obligations.
Make informed decisions about your insurance coverage and ensure that your past claims align with your current circumstances. Let Experienced Public Adjusters review your claims from the last 12 months, providing you with the expertise needed to navigate the evolving insurance landscape and maximize your entitlements.
We are always weary of new insurance companies. They are not establish in the industry yet, and are usually out to make a quick profit. That means they usually unfairly deny insurance claims or severly underpay them.
Stay informed, stay protected, and choose Experienced Public Adjusters for a comprehensive review of your recent claims. Your peace of mind is our priority.