Citizens to Shed another 81,500 Homeowners Insurance Policies

Citizens is shedding more policies to new, private insurers. IF this happens to you, make sure you call your insurance agent and review the specifics about the new company and the coverage offered. Many of the "take out" companies offer enhanced coverage compared to the Citizens policy you previously had. Also, be aware that many of the new companies have a "right to repair" clause in their policy which means they can choose the contractor to repair damage. Stay informed about your options and call Boca Insurance Group- 954-596-0691.  

For more information please read this article that outlines Citizens plans- Click Here

Citizens To Reduce Premiums

Finally some relief for Citizens Property and Casualty customers appears to be on the horizon.  Citizens plans to file for a rate reduction for 2015.  This would bring down Palm Beach County homeowners insurance rates by 7% and Broward County by 7.4% for standard homeowners insurance policies.

Its not all good news as Palm Beach county wind only rates would rise by 5.7%.

Click here to read the entire Palm Beach Post article

Boca Insurance Group always advises customers to avoid Citizens if at all possible.  If you are currently with Citizens, Boca Insurance Group wants to help you find better coverage for a better premium.  Call us today to see how we can help or e-mail us at pat@bocainsgroup.com

Citizens Rate Hike Approved

 
Citizens Property and Casualty gained approval for an average rate hike of 10.8% on homeowners insurance policies and 8.8% for dwelling fire policies.  Click Here for the full article.  The rate increas will take effect January 1. 

Depending on the age of your home, you should not be insured by Citizens if you can help it.  Boca Insurance Group has a number of companies insuring homes throughout Florida with reasonable rates and better coverage.  Call us today to find out how we can help 954-596-0691 or e-mail us at pat@bocainsgroup.com.

Citizens is Shedding More Policies

Citizens Property and Casualty is in the process of moving close to 300,000 policies to private insurers.  Click Here for more from the Sun Sentinel. 

If you are currently insured by Citizens you may receive, or may have already received, a notice that Citizens is transferring your policy to an admitted private insurer.  The new company is prohibited from raising your premium more than 10% per year for the first three years and must offer comparable coverage.  While, this sounds great, companies will almost certainly review your coverage and confirm you are receiving property wind mitigation discounts.  This can often increase your premium substantially.

I always advocate finding coverage with another insurer other than Citizens.  I would encourage consumers that receive this letter to take the time to explore your options, not just with the company that is taking over the policy, but with other companies.  As an independent insurance agent, Boca Insurance Group represents a number of quality companies that are issuing new policies.  As a tip, it is much easier to find coverage when it is not hurricane season or it is getting close to the close of hurricane season. 

Call us today at 954-596-0691 or e-mail us at pat@bocainsgroup.com  to learn how we can help you achieve BIG Insurance Savings! 

As always, visit our website www.bocainsgroup.com for more information and tips.

Citizens Rate Hikes

It looks like Floridians with homeowners insurance with Citizens Property and Casualty will get hit again with a rate increase. 


Hearings were held yesterday about the proposed rate increase of 12% overall.  This Miami Herald article lays out the specifics for the proposed rate increase. 

The State of Florida needs to make a decision as to whether they want Citizens to be the insurer of last resort- meaning their rates are higher than all other insurers or if they want Citizens to offer relief in these tough economic times with lower interest rates for consumers.  While many people in South Florida would like to see premiums with Citizens either remain the same or decrease, many in other areas of the Florida feel they are subsidizing South Floridians through higher rates of their own.

All Floridians are currently paying for claims that occurred with Citizens during the 2004 and 2005 hurricane seasons.  If you review your insurance bill for all insurance except workers compensation, you will see a surcharge Citizens Emergency Assessment which covers the shortfall Citizens had in covering the claims of 2004 and 2005. 

Please keep in mind if you have insurance with Citizens you are subject to an assessment if Citizens runs a shortfall again.

Insurance coverage from other companies is available throughout Florida but it often depends on the location and age of the property.  If you are currently insured with Citizens, call Boca Insurance Group to see how we can help you find a new insurer- 954-596-0691 or visit our website at www.bocainsgroup.com

Click Here for a link to Citizens website and find out more about the proposed rate increase.

Citizens Rates Rise

Linked is an article about the increases in premiums Citizens Property and Casualty has implemented.  Citizens Rates Cause "Sticker Shock"  It is important for potential home buyers to understand the insurance landscape in Florida.  Citizens Property and Casualty is the state run insurance company.  Citizens received a mandate from Governor Scott and the legislature to make premiums more actuarially sound and therefore rates are increasing in many areas. 

Often times Citizens is the only company willing to write homes.  Homeowners with older homes (built prior to 1995 depending on zip code) and homes east of 95 in Broward, Dade and Palm Beach counties are often left with Citizens as the only option.  Boca Insurance Group has companies that are willing to insure older homes and homes east of 95 including homes that are ocean front.Call us today at 954-596-0691 or e-mail us at Pat@bocainsgroup.com  to start to quote process.