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State To Offer More Citizens Insurance Policies To Private Firms
October 30, 2014
More than 182,000 policies now in the state-backed Citizens Property Insurance Corp. will be available to be picked up by nine private carriers after the start of the new year.
The Florida Office of Insurance Regulation announced Wednesday that up to 2,527 commercial residential policies will be made available on January 6, and a week later 180,040 personal residential policies will become available. Typically the number of policies actually moved in the “takeout” process is far smaller than what is offered to the private firms. The private companies are able to cherry-pick the least-risky policies and often go after many of the same customers. Policyholders targeted for takeout also have the option to remain covered by Citizens.
For 2014, the state insurance office approved 1.1 million policies for private “takeout,” yet as of September 18, the number moved out of Citizens was 127,550. Citizens, which two years ago had 1.47 million policies, was down to 930,385 policies as of September 30.
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