MONDAY, NOVEMBER 11, 2013
What is the Property Insurance Clearinghouse?
The Property Insurance Clearinghouse will help match all new personal lines applicants and renewing personal lines policyholders with participating private - market insurers before placing or renewing coverage with Citizens.
When will Citizens implement the Property Insurance Clearinghouse?
Citizens will launch the Property Insurance Clearinghouse in January 2014.
Why is Citizens implementing the Property Insurance Clearinghouse?
As the Florida insurance market continues to rebound and options for private - market coverage expand, Citizens is working diligently to help Florida homeowners find coverage in the private market. A clearinghouse statute was enacted by the Florida Legislature during the 2013 legislative session with this goal in mind.
Why should consumers try to find coverage in the private market before purchasing a policy from Citizens?
Improvements in Florida’s insurance market are making it possible for some Citizens policyholders to find broader and possibly less expensive coverage in the private market. Citizens policyholders not only may have more restrictive coverage, but also may face higher Citizens policyholder assessments following a major hurricane. When a policy is written by Citizens even though there are private - market offers of coverage, it increases both Citizens’ potential claims exposure and the risk of assessments for all Floridians. (Source)
Learn more about the Clearinghouse and how Adcock can help.
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