8 September 2014 Insurance

Over 400,000 policies removed from Citizens

The Florida Office of Insurance Regulation has approved the removal of a further 437, 584 policies from Citizens Property Insurance Corporation.

This brings the total number of policies approved for take-outs this year to 894,156 and the actual number of policies removed from Citizens as of August 30, 2014 to 124,995.

As part of the state’s ongoing effort to reduce the number of policies in state-backed Citizens and transfer them into the private insurance market, the regulator has approved the removal of up to 425,357 personal residential policies and 2,227 commercial residential polices to 14 companies.

Heritage Property & Casualty Insurance Company has been approved to remove up to 70,000 personal residential policies (62,500 personal lines account/7,500 coastal account) and up to 200 commercial residential commercial lines account policies.

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