The Florida legislature created Citizens Property Insurance Corporation (“Citizens”) in August of 2002 to provide property insurance for Florida property owners who cannot find coverage from a private carrier. Although established as a last resort, Citizens is currently the largest private insurer in the state. This is partly due to other private companies raising their rates and dropping customers when facing financial troubles from numerous property claims.
The Florida Office of Insurance Regulation recently stated in a letter that Slide Insurance Co. (“Slide”) was approved to takeout as many as 100,000 policies from Citizens beginning October 17, 2023. However, there is no guarantee that Slide’s insurance premium will remain the same as Citizen’s current rate. On the contrary, many speculate that the costs will increase for policyholders, especially after a change approved in December of 2022 which makes homeowners ineligible for Citizens when a private insurer offers a premium within 20% of their current Citizens premium.
Many policyholders are concerned about the uncertainty of their insurance policy, especially amid hurricane season. Although not every current Citizens policyholder will receive an offer from Slide, there is a strong possibility they will receive a letter with an offer. In the meantime, they must wait and be on the lookout.
Contact the Gelber Law Group for More Information
Living with property damage can be stressful, and the insurance claim process can be lengthy. If you encounter property damage and your insurance claim has been wrongfully denied or underpaid, contact Gelber Law Group, PA to assist you with a free consultation at 954-320-0100.