Citizens drop property insurance policies in Florida

0

title=

Citizens Property Insurance Corp. began dropping some homeowners’ policies across Florida because the estimated price of replacing their home after a storm or fire would now exceed a $700,000 replacement value cap.

Getty Images/iStockphoto

Rising inflation has cost hundreds of Florida homeowners access to affordable home insurance.

New data provided by state-owned Citizens Property Insurance Corp., Florida’s ‘insurer of last resort’, shows the company dropped 2,267 policies statewide in the 12 months ending May 30. June because the replacement value of their homes exceeded $700,000.

That’s the company’s eligibility cap in all counties except Miami-Dade and Monroe, where citizens can insure homes worth up to $1 million. finds that homeowners do not have access to affordable coverage from private market insurers and have little choice but citizens. In Broward County over the past year, citizens sent notices of non-renewal to 617 homes whose replacement value exceeded the $700,000 eligibility cap. In Palm Beach County, 454 were dropped.

Read the full story here.

This story was originally published July 13, 2022 5:35 p.m.

Share.

Comments are closed.