The Florida Office of Insurance Regulation has approved the removal of up to 91,499 multi-peril personal residential policies and 5,732 commercial lines polices from Citizens Property Insurance Corporation.
Heritage Property & Casualty has been approved to remove 17,000 policies from Citizens’ personal lines account, 3,000 from Citizens’ coastal account, and 2,400 from Citizens’ commercial lines account.
SafePoint Insurance Company is to remove 30,000 policies from the personal lines account and 5,000 from the coastal account.
Tower Hill Preferred Insurance Company has been approved to remove 17,797 policies from the personal lines account and 4,449 from the coastal account.
Weston Insurance Company has been approved to remove 14,253 wind-only policies from the personal lines account and 3,332 from the commercial account.
The take-out periods are October 21st, 2014 for personal lines and coastal account policies and October 14th, 2014 for commercial account policies and are at the request of the above companies. This is part of the state’s ongoing effort to reduce the number of policies in state-backed Citizens and transfer them into the private insurance market.
This brings the total number of policies approved for take-outs this year to 466,572. To date, 118,434 policies have been removed from Citizens.