Florida Approves 15K Citizens Policies for April Take-Outs

The Florida Office of Insurance Regulation (OIR) has approved the following company to participate in the April Citizens Property Insurance Corp. take-out period.

April 18, 2017 Personal Residential Take-Out Period:

• Southern Oak Insurance Co. – approved to remove up to 15,000 personal residential wind-only policies (5,000 Personal Lines Account/10,000 Coastal Account)

This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 57,724. 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.

Source: Florida Office of Insurance Regulation