Read this if you have your house insured with Citizens. Two private homeowner insurance companies will receive 26,000 policies from the state insurer Citizens. Slide Insurance Co will receive 25,000 contracts, and Loggerhead Reciprocal Interinsurance Exchange will receive 1,000 policies.
The idea is to depopulate Citizens, which, with over a million contracts, is very vulnerable in the face of a major storm. With this purpose, the previous legislature passed a law that requires Citizens policyholders to accept offers from private companies if they don’t exceed 20% of their current premium.
In other words, if you currently pay an annual premium of $5,000 and a private insurer offers you a contract for $5,950, which is 19% more expensive by law, you have to accept it. Upon receiving such an offer, you will no longer be able to renew with Citizens.
However, all hope is not lost. If you receive an offer that seems too expensive, contact your Univista Insurance agent to help you find a more affordable insurance contract to protect your most valuable asset.
Remember that if you have a mortgage, you cannot leave your house without coverage because your mortgage bank will seek mandatory insurance, whose premiums are higher than the already elevated market prices. Read this if you have your house insured with Citizens.
Call us today for a complete qualification! (305) 267-7138. You can also get a free quote here.
