Effective today, Citizens Property Ins. expands coverage options
TALLAHASSEE, Fla. – Aug. 1, 2007 – Citizens Property Insurance Corp., the state’s insurer of last resort, today begins offering a new inclusive homeowners policy to customers. The change, effective Aug. 1, stems from recently enacted legislation designed to make Citizens more profitable and less vulnerable to the risk of a catastrophic event.
The move creates a single policy that covers both windstorm damage and traditional multi-peril coverage. Currently, some homeowners have this coverage through two independent Citizens policies. Other homeowners have one type of coverage through Citizens with a second policy through a private insurer.
“By allowing our policyholders to combine their wind-only and other perils policies, we place all coverage in a single document instead of asking customers to keep track of two policies,” says Scott Wallace, Citizens president. Policyholders who combine their plans could see annual premium savings of up to 10 percent, Wallace said.
Citizens will now start offering the new single policy coverage to current customers who have both the wind-only policy and the multi-peril policy. About 118,000 Citizens customers fit the profile.
However, the program isn’t just for these policyholders. Any Citizens wind-only customer who has a separate multi-peril policy through another insurer is eligible for the new single policy coverage.
The business plan was developed based on changes enacted during the January special session.
Current Citizens clients who wish to change their policy should contact their insurance agent. Consumers seeking a Citizens agent in their area should go to www.citizensfla.com.
© 2007 FLORIDA ASSOCIATION OF REALTORS®
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