Florida Homeowners Insurance - What is Citizens Property Insurance Corp.?

If you're moving to Florida and checking out insurance, you may hear about Citizens Property Insurance Corp. Citizens is the insurance company of last resort for homeowners who can't get a policy anywhere else. There are some areas and houses that may be tough to find coverage, and some times of the year are more of a challenge than others. But overall, we have some of the most beautiful weather in the country!

Citizens was created in 2002 by Florida legislators to provide a safety net to be sure Florida residents had insurance coverage available. Currently they have over 1,000,000 active policies.

Citizens Property Insurance Corp. does charge higher rates than you can find at other companies, so it makes sense to shop around and compare, and you probably won't be selecting them if you can get coverage elsewhere.

When you are shopping around, please be sure to compare apples to apples. Be sure the coverages are equal all across the board when comparing rates for Citizens vs. other carriers. Be sure you have the umbrella coverage that you will need and not just the basics. Ask us for names of insurance agents who will take the time to explain the ins and outs of insurance coverage to you for your beautiful new Florida home.

Florida Insurance Commissioner Kevin McCarty (recently named State Regulator of the Year by LexisNexis) announced that Citizens just won approval to increase their rates about 5.4% - and that affects hurricane damage coverage. If you are looking in higher risk coastal areas, you will have to wait for the final figures. The increased premiums will go into effect January 1, 2010 and will encompass about 719,000 policies, including 350,000 homeowners. If you are considering a mobile home, the increase is 1.7% and 10.2% for condo associations. Inland homeowners may see their rates decline.