Florida's Largest Property Insurer Cutting Policies

By: Mike Vasilinda Email
By: Mike Vasilinda Email

By Mike Vasilinda
August 23, 2013

With 1.2 million policy holders, Citizen’s no longer wants to be the state's largest insurer.

“One of our goals has been to shrink citizens down to the insurer of last resort,” said Citizen’s spokesperson Mike Peltier.

Citizen’s is spending almost 45 million over 10 years to move policyholders to a private company. New applicants will be required to go through a clearinghouse being set up by the contract. If they’re offered private insurance no more than 15% higher than citizen’s rates, they won’t be allowed to use citizens.

Lawmakers passed a bill which was signed into law by the governor which will help citizens reduce their policy count number.

“That was the big reform from the legislature – to try to reduce the size of citizens and we support it,” said Sam Miller with Florida Insurance Council.

Citizen’s says it’s a two prong approach. The first point is to make the company the insurer of the last resort; the second goal is to make sure customers are receiving the best coverage possible.

“To provide customers with what may be comprehensive coverage then they can with citizen’s policy,” said Peltier.

The clearinghouse begins in January 2014.

”We’re trying to give customers the opportunity to find coverage in private market as opposed to coming back to citizens,” said Peltier.

Bolt Solutions beat out five other vendors for the contract with Citizen’s Insurance.

Citizen’s Renewal Customers will only be able to stay with the insurer of last resort if they can’t find cheaper rates elsewhere.

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