The Florida Office of Insurance Regulation just approved the removal of up to 15,000 homeowners’ insurance policies from Citizens Property Insurance Corporation.
The policies will be transferred to Heritage Property & Casualty Insurance Company, according to the FOIR. Heritage has received the majority of its customers from Citizens transferring policies from the public market to the private market.
Heritage asked for 13,178 policies to be transferred to the private insurance market from non-coastal properties and 1,822 from coastal properties.
According to the OIR, the move Thursday brings the total number of policies to be approved for a transfer to the private markets to 359,431. However, only 106,380 policies have officially been moved off Citizens’ rolls.
That’s because policyholders have the choice to remain with Citizens or be transferred to a private company. However, you will have to notify Citizens that you want to stay with the company because if you don’t, the policy will be automatically transferred.