Citizens Property Insurance Florida

Florida is one of the states in the United States that regularly experience natural disasters, such as hurricanes, tornadoes, and floods. Due to this, insurance companies in Florida have to take a different approach to the insurance policy they offer to their clients. Citizens Property Insurance Florida is one such insurance company.

What is Citizens Property Insurance Florida?

Citizens Property Insurance Florida is a state-run insurance company created by the Florida Legislature in 2002. The company was established as a not-for-profit, tax-exempt entity to provide property insurance to Florida residents who could not find coverage from other private insurance entities.

Citizens Property Insurance Florida is the largest property insurance company in Florida, with a policyholder base of over 400,000. The company provides coverage for homeowners, renters, and condo owners in Florida.

Why was Citizens Property Insurance Florida created?

Citizens Property Insurance Florida was established to provide property insurance coverage for Florida residents who had difficulty obtaining insurance in the private market. This was due to the increased risk of natural disasters in the state, which made it difficult for private insurance companies to be profitable.

After Hurricane Andrew in 1992, many private insurance companies began to pull out of Florida, leaving many homeowners without coverage. The state of Florida created Citizens Property Insurance Florida to ensure that all residents could obtain property insurance coverage.

What types of coverage does Citizens Property Insurance Florida offer?

Citizens Property Insurance Florida offers a range of coverage options to its policyholders, including:

How does Citizens Property Insurance Florida determine its premiums?

Citizens Property Insurance Florida’s rates are determined by a number of factors, including:

• The age and condition of the property
• The location of the property
• The value of the property
• The level of coverage requested
• The deductible amount chosen
• The claims history of the property owner

Policyholders can also receive discounts on their premiums for taking steps to reduce the risk of loss, such as installing hurricane shutters or a security system.

How does Citizens Property Insurance Florida handle claims?

Citizens Property Insurance Florida has a claims department dedicated to processing and handling claims quickly and efficiently. Policyholders can file a claim online, over the phone, or through the mail.

After a claim is filed, an adjuster will be assigned to assess the damage and determine the amount of coverage available. Policyholders are encouraged to take pictures and document the damage as evidence for their claim.

Once the claim is approved, policyholders will receive a payout for the amount of damage covered by their policy, minus any deductible they may have chosen.

Conclusion

Citizens Property Insurance Florida is an insurance company that provides property insurance coverage to residents of Florida who are unable to obtain coverage from other private insurance companies. The company offers a range of coverage options and determines its premiums based on a number of factors. Citizens Property Insurance Florida’s claims department is dedicated to processing and handling claims quickly and efficiently. If you are a Florida resident looking for property insurance coverage, Citizens Property Insurance Florida may be a good option for you.