May 4 Ron Hurtibise – Sun Sentinel
After reducing its policy count by more than two-thirds over the past four years, state-run Citizens Property Insurance Corp. continued to shed its risk load by securing approval this week to drop 1,752 high-priced homes after their policies expire next year.
As of Jan. 1, homes with insurable values between $700,000 and $799,999 will no longer be eligible for coverage through Citizens. In Broward County, 324 homes will become ineligible for Citizens coverage. In Palm Beach County, 362 will become ineligible.
But those customers shouldn’t have problem finding another insurer. Insurance agents in South Florida say private carriers are competing to cover homes in higher price ranges in Broward and Palm Beach counties.
The eligibility cap reduction, approved by the Office of Insurance Regulation, is the final step of a multiyear “step-down” process intended to move high-end properties off Citizens’ books and into the private market.