Citizens Insurance Changes How are You Affected?
Governor Rick Scott signed a bill to reform Citizens Property Insurance Corp. The bill creates a “clearinghouse” to direct policies out of Citizens and into the private market.
Every policy, new and renewal, will be shopped to private insurers. If a private insurer offers a policy within 15% of Citizens’ rates, for similar coverage, the property will be no longer be eligible for coverage from Citizens. Renewal policies will be treated the same way.
Here is an article, posted in the Insurance Journal, back in May. Click HERE which explains the Citizens Insurance changes in simple terms.
Is your property a vacation rental? If so, it’s also very important to note that if you rent your property for less than 7 days at a time, Citizens may not cover you if you have a claim.
My friend and Customer, Christine Karpinski, was interviewed by the Destin Log. Click here to read the interview with Christine about Citizens Insurance Changes.
What about flood insurance? That’s going to change too.
The government will update the Florida Flood Maps within a couple of years. We are waiting to see what laws get passed in Congress to see how we will be affected. Right now, I’m told, AE and VE flood zones will increase. Click this link for Special Flood Hazard Areas
Here’s an article I wrote a few years ago discussing What is a Flood Zone?