Florida Approves Nearly 1,500 Citizens Commercial Policies for July Takeouts
The Florida Office of Insurance Regulation (OIR) has approved the following company to participate in the July Citizens Property Insurance Corporation (Citizens) take-out period.
For the June 20, 2017, Commercial Residential Take-Out period:
Weston Insurance Company – approved to remove up to 617 commercial residential (Coastal Account) and 872 commercial non-residential (Coastal Account) policies.
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 69,724; the actual number of policies removed from Citizens so far in 2017 was 12,276 as of April 18. These take-outs are part of ongoing depopulation efforts to reduce the number of policies in state-created Citizens and transfer them back into the private insurance market. Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process.
The companies approved to participate in a personal residential and/or commercial residential take-out along with the number of policies approved for removal are available on the OIR webpage. Typically, monthly approvals are posted to this webpage within a week of Citizens’ deadline for OIR to issue an approval.
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