In 2002, the Florida Legislature passed a law that combined
the Florida Residential Property and Casualty Joint Underwriting Association
(FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA).
This resulted in the creation of Citizens Property insurance
Corporation (Citizens), which more efficiently and effectively provides
insurance to, and serves the needs of, homeowners in high-risk areas and others
who cannot find coverage in the open, private insurance market.
For Homeowners who found themselves in need of a new policy,
the state created insurer, Citizens Property Insurance Corporation, has been
the best option.
Citizens considered the insurer of last resort, by law charges
more than private insurers but it have picked up hundreds of thousands of new
policies becoming the second largest and probably the largest insurer in the
state.
Before Citizens Property Insurance Corporation, Florida
homeowners had trouble finding an insurance company willing to fund for the
cost of their damages. With Citizens Property Insurance Corporation, Florida
homeowners are looking at coverage that could reach up to $350,000.
This amount, which Citizens Property Insurance Corporation
is willing to provide, covers the costs of damages, repair, and rebuilding.
In
addition, Citizens Property Insurance Corporation also pays for reconstruction
of structures outside the house such as fences, swimming pools, and the like.
Replacement costs for lost or damaged items are also included in the coverage
that Citizens Property Insurance Corporation provides.
Citizens Property
Insurance Corporation provides the following modes of operation for the
customers:
- Citizens
Privacy Policy
- Citizens
Ethics Policy
- Citizens
Plan of Operation
- Citizens
Statute
Citizen Property Insurance Corporation collects and uses
information essential to administer your policy and provide you with efficient
customer service. They collect and maintain several types of information needed
for these purposes, such as those below:
- For
insurance coverage information provided by you on your application, such
as your name, address, telephone number, age of your home, and type of
construction.
- Information
gathered from you as our insured, such as how long you've been their insured,
what kind of coverage you have, your payment history, underwriting information
and claims information.
Any nonpublic personal information about you or other policy
holders of Citizens Property Insurance Corporation do not revealed except as
permitted by law.
When they share nonpublic personal information about you, as
permitted by law, they protect that personal information with a confidentiality
agreement that obligates the recipient of the information to keep it
confidential.
Louisiana Citizens Property Insurance Corporation
In order to run the state-created entity of Coastal and FAIR
Plans, the Louisiana Citizens Property Insurance Corporation was created. To
help stabilize homeowners in Louisiana,
the legislature established the Citizens Property Insurance Corporation.
Louisiana Citizens Property Insurance Corporation is a
combination of the Louisiana Joint Reinsurance Plan (FAIR Plan) and the
Louisiana Insurance Underwriting Plan (Beach Plan).
For those in Zone 5, the
Beach Plan offered insurance coverage, which is the most hurricane-prone area
of the Louisiana state.
Alternatively, in the rest of the state, the FAIR Plan covers
insurance. With the combination of these two then, the new Louisiana Citizens
Property Insurance Corporation can cover a wider range, offering more
protection for the Louisiana
homeowners.
The Louisiana Citizens Property Insurance Corporation provides
coverage up to $225,000 for their Fire Dwelling policy. The Louisiana Citizens
Property Insurance Corporation can cover up to $350,000 cost of damages of the
home, additional structures, contents, and liability.
The Louisiana Citizens Property Insurance Corporation fund
is not adequate to cover all damages in cases of major disasters and, then the
company may issue bonds to pay insurance claims.
Florida Citizens Property Insurance Corporation
By means of Florida Citizens Property Insurance Corporation,
damages and losses experienced by homeowners in high-risk area in the sunshine
state of Florida are covered much
more efficiently and effectively.
In addition, for those who cannot find enough coverage in
the open, private insurance market the insurance policies of Florida Citizens
Property Insurance Corporation provided insurance coverage.
A seven-member Board of Governors representing the diverse
regions of the state directs operations of Florida Citizens Property Insurance
Corporation.
For ensuring a smooth run of business at Florida Citizens Property
Insurance Corporation these, governors, appointed by the State Treasurer for
three-year terms, are responsible.
In order to provide information and advice important for
business operation at Florida Citizens Property Insurance Corporation, the
State Treasurer also appoints a technical advisory board in addition to the
Board of Governors.
You can get the additional information about the Citizens
Property Insurance Corporation by visiting the Website of Citizens Property
Insurance Corporation at the URL http://www.citizensfla.com/.
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