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Citizens Property Insurance Corporation recently updated its Hurricane Irma response and discussed the financial impact of the storm as the 2017 hurricane season has now drawn to a close. Citizens reports that Irma will produce an estimated $1.2 billion in insured losses, but points out that the losses remain well within its claims-paying capacity. Citizens has […]
The maximum personal residential coverage limits available from Citizens Property Insurance Corporation decreased as of January 1, 2017, in accordance with a law passed in 2013 providing for a gradual step-down in the limits. Effective January 1, the following risks are no longer eligible as new business or renewals: A structure that has a dwelling replacement […]
As required by a law passed in 2013, the maximum Coverage A amounts for Citizens Property Insurance Corporation’s personal residential coverage will be reduced again effective January 1, 2017. Effective at the beginning of net year, the following new business and renewals for personal residential risks are no longer are eligible for coverage in Citizens: A structure […]
The Office of Insurance Regulation has determined there is not a “reasonable degree of competition” in Miami-Dade and Monroe Counties for homeowners with dwelling limits exceeding $900,000 or for condominium unit owners with combined dwelling and contents limits over $900,000. As a result, Citizens Property Insurance Corporation will continue to make coverage available to these […]
