Condo policies in Florida could exit Citizens Property Insurance

Share
homeowner's insurance
Property insurance. by designer481 via iStock for WMNF News.

©2024 The News Service of Florida

Florida regulators last week approved a plan that could lead to condominium-association policies leaving the state’s Citizens Property Insurance Corp.

The plan will allow insurer Condo Owners Reciprocal Exchange to assume up to 400 “commercial residential” policies from Citizens, according to an order signed by Insurance Commissioner Michael Yaworsky.

Generally, commercial-residential policies are purchased to cover condominium buildings.

They are not policies for individual condominium units.

The approval is part of a broader effort by Citizens to shift policies into the private market.

Previous approvals, however, have dealt with shifting individual residential policies.

The state Office of Insurance Regulation announced in November that it had given the go-ahead for Condo Owners Reciprocal Exchange to do business in the state.

Citizens has been trying to shed policies after growing during the past three years to become the largest property insurer in Florida amid financial problems in the private market.

Citizens, which was created as an insurer of last resort, had 1.163 million policies as of Jan. 26, according to data on its website.

Leave a Reply

  • (will not be published)

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

You may also like

student meal
Next school year Hillsborough public schools are offering free meals

Hillsborough Public Schools are offering students free meals for the...

Correspondence Through Poetry. A Mind-Numbing Week.

Father Verses Sons: A Correspondence in Poems by Herbert Gold...

The sound of change: Music’s influence on anti-war and human rights movements

Throughout history, music has served as a powerful catalyst for...

a man in a tye dye shirt talking on a radio microphone
Recreational pot for Florida is on the ballot this fall—let’s talk about it

In four months, Florida voters have the opportunity to vote...

Ways to listen

WMNF is listener-supported. That means we don't advertise like a commercial station, and we're not part of a university.

Ways to support

WMNF volunteers have fun providing a variety of needed services to keep your community radio station alive and kickin'.

Follow us on Instagram

The Skinny
Player position: