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Tampa Insurance Company Takes Over 34,000 Policies from Citizens

Tampa Insurance Company Takes Over 34,000 Policies from Citizens

TAMPA, Fla. (970 WFLA) -- A Tampa insurance company is taking over thousands of policies, currently held by state-run Citizens Property Inrsurance.

Homeowners Choice Property and Casualty Insurance Company is assuming more than 34,000 policies, according to the company's news release.

It said the rules allow policyholders a 30-day window to "opt out" and return to Citizens. 

In August, Citizens Property Insurance announced that nearly 400,000 Citizens Property Insurance Corporation policyholders will be given the option to return to the private market in November. It was previously approved by the Office of Insurance Regulation for 10 private insurers to assume policies from Citizens.

According to CPI in August, Citizens policyholders chosen for takeouts will receive notices at least 30 days in advance announcing their selection and providing instructions on how they can elect to remain with Citizens if they chose to do so. Additionally, consumers will have 30 days after the assumption occurs to decide whether to return to Citizens.

Citizens Property Insurance Corporation CEO Barry Gilway also said then that the OIR order will assist Citizens’ efforts to return to its role as an insurer of last resort while providing many policyholders with more comprehensive coverage at comparable rates. 

Photo credit Getty Images

 

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