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Read the other day that Citizens is in fact owned by the state of Florida. Can anyone confirm or deny?
Florida Carriers are Sparse... What's goin on???
- Thread starter Mike Siegal
- Start date
- 4,591
Depends on what you are asking. If you mean Citizens insurance that sells auto, home & commercial insurance in many states, that is definitely not true. They are owned I believe by Hanover Insurance.
If you mean the "home insurer of last resort" in Florida, that is definitely not affiliated with the above Ciizens/Hanover company.
Citizens Property is a non profit run & owned by the State of Florida. I believe Florida legislature created it about 20 yrs ago when most carriers were leaving the Florida Home insurance marketplace
FYI. I just had a customer call me. His parents are buying a secondary home near Ft. Myers and asked me if I had any connections or knew of any companies they can contact because the rates are really high.
I called a captive agent in the area and the company can write insurance on homes that fit within a certain age limit, however, in Florida, I think that I understand the home will need a separate "WIND" policy, which is where Citizens Property comes in.
If the captive cannot write the policy, they are allowed to go outside and insure the home through a number of smaller/local carriers and I would assume that independent agents would have the same access to these smaller carriers...but they may also need to purchase a separate "WIND" policy from Citizens Property...not sure if there is another carrier for that specific policy, and the homeowner may need to also get a flood policy, depending upon their location to the coast and other factors.
I called a captive agent in the area and the company can write insurance on homes that fit within a certain age limit, however, in Florida, I think that I understand the home will need a separate "WIND" policy, which is where Citizens Property comes in.
If the captive cannot write the policy, they are allowed to go outside and insure the home through a number of smaller/local carriers and I would assume that independent agents would have the same access to these smaller carriers...but they may also need to purchase a separate "WIND" policy from Citizens Property...not sure if there is another carrier for that specific policy, and the homeowner may need to also get a flood policy, depending upon their location to the coast and other factors.
- 2,204
Why do you assume that?
- 4,591
yup--my understanding in Florida is you can need 3 policies for the home in some areas. flood, wind & then a normal home policy (not really normal relatively speaking)
Policy Monkey
Super Genius
- 115
In FL, most carriers will write homes with wind except in certain very coastal areas, like beachfront or a barrier island. In that situation one would need a seperate wind policy, through Citizens or elsewhere. Flood is nearly always a seperate policy, though a few carriers offer a flood endorsement to their HO3s.
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