“State-owned Citizens Property Insurance Corp., the so-called ‘insurer of last resort,’ is poised to again become the first choice for many homeowner insurance customers in Broward and Miami-Dade counties,” according to the Sun-Sentinel.

Claims abuses and excessive lawsuits are to blame for private insurers not willing to insure properties in Miami-Dade and Broward Counties.  After several years of “de-population,” Citizens is seeing more and more homeowners returning from the private market.  Citizens CEO Barry Gilway blames the Florida legislature for failing to pass reforms that would stop the assignment of benefit abuses.

The article goes on to explain that some private insurers are reviewing and possibly refusing to take on properties with two or more claims.

These changes could definitely impact policyholders in Monroe County property owners as well.  With private insurers looking to get out of the market while Citizens continues to try to de-populate, it can be very confusing.  FIRM encourages you to reach out to your local insurance agent to fully understand your options.

If you do receive a take-out offer from another company, you should discuss it with your agent.  If you received a letter that Citizens is handing your policy over to another carrier, you will be automatically switched unless you say that you don’t want to leave Citizens.  You can learn more about the take-out process on the Citizens website.

We invite you to please take a minute to complete our Citizens Post-Irma Claims Survey.  FIRM is interested in learning about your experiences with Citizens following Hurricane Irma.  We will be sharing the results with Citizens in order for them to understand their Monroe County policyholders who often have no choice but to insure with Citizens.

Read the full article from the Sun Sentinel here: sun-sentinel.com-Spurned by private carriers South Florida homeowners again forced into state-run Citizens Insurance

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