Nearly 400,000 Policyholders May Move From Insurer

By: Associated Press Email
By: Associated Press Email

Associated Press Release

TALLAHASSEE, Fla. (AP) -- Nearly 400,000 policyholders in Florida could soon find themselves with a new insurance company.

State regulators last week quietly signed off on a plan to let 10 different insurance companies take over nearly a third of all Citizens Property Insurance Corp. policyholders this November.

Customers are automatically shifted to the new company unless they object.

The state-backed Citizens is the largest residential property insurer with 1.22 million policyholders.

Gov. Rick Scott and other politicians have been pressuring Citizens to scale back its size due to fears a major storm could wipe out its reserves.

One of the companies slated to get 50,000 policies is Heritage Property Insurance and Casualty. The start-up insurer struck a controversial $52 million deal with Citizens earlier in the year to absorb policies.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
WCTV 1801 Halstead Blvd. Tallahassee, FL 32309
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 221791421 - wctv.tv/a?a=221791421
Gray Television, Inc.