Citizens Property Insurance Corp., Florida’s residual market insurer, will begin offering a single policy to its wind-only customers on Aug. 1.
“By allowing our policyholders to combine their wind-only and other perils policies, we place all coverage in a single document instead of asking customers to keep track of two policies,” said Scott Wallace, Citizens president.
Policyholders who combine their plans may see annual premium savings of up to 10 percent, Wallace said. The new program will be available for policyholders with effective dates on or after Aug.1.
Citizens policyholders who currently have a wind-only policy and an ex-wind policy with Citizens will be eligible for the new program. Citizens currently has about 118,000 customers with two Citizens policies, Wallace said.
This program is not just for policyholders who have two policies with the corporation, Wallace said. Any Citizens wind-only policyholder who has their other perils policy with another insurer is eligible for this new multi-peril coverage, he added.
The new plan was developed following approval of the business plan earlier this year by the Legislative Budget Commission and the Financial Service Commission. The business plan was developed based upon changes made to Citizens enabling statute during the January special legislative session.
Source: Citizens Property Insurance Corp.
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