Florida Home Owners May Soon have More Insurance Choices

Many Florida home owners are Citizens Property Insurance Corporation policy holders because no other options were available to them when they were looking for homeowners insurance.

Citizens Property Insurance Corporation was formed by the State of Florida as a nonprofit corporation in 2002 to provide a "last resort" insurance option for homeowners as many other private insurers discontinued writing policies in the State after Hurricane Andrew that occurred in 1992. 

Now, more than 10 years later, private insurers are returning to the State and alternative options for homeowners insurance is becoming more widely available again.

As a result, Citizens is giving its policy holders the option to return to private insurers and will be sending out notices to select policy holders informing them of a pending transfer as well as giving them the option to remain with Citizens.

There are advantages to for homeowners to make the switch.  Opting for a private insurer will relieve policy holders of a high assessment that Citizens would charge in the event of a major hurricane.  Some private insurers may also offer increased coverage for a competitive price.  

Recently, I had home buyers selecting a private insurer for home owners insurance on their new Spring Hill home for just that reason. 

Additionally, beginning in 2014, Citizens is introducing its new "clearinghouse" designed to help policy holders find private insurance coverage in the market.  

For more information, please visit the Citizens Property Insurance website and also call your personal insurance agent to discuss your options for home owners insurance on your Florida home. 

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Are you looking to buy or sell a home in Spring Hill, Florida, and surrounding areas?  For more information about the area and available homes for sale in Spring Hill, please contact me!