A possible sign of recovery for the state’s beleaguered insurance industry, as more private companies are offering to take over policies from Citizens— the state’s insurer of last resort.
Manatee Insurance Exchange: 78,000
Slide: 75,000
American Integrity: 65,880
Southern Oak: 50,000
Orion180 Select: 26,128
Florida Peninsula: 35,000
Monarch National: 30,000
Homeowners Choice: 25,000
TypTap: 25,000
According to Citizens and The Florida Office of Insurance Regulation (OIR), Commissioner Michael Yaworksy recently approved the following 9 companies to take over more than 400,000 Citizens’ policies. Currently Citizens has just over 2.3 million policies in force.
Citizens will let you know that a private company wants to take over your policy. If that private company’s premium is within 20% of your Citizens premium, you would no longer be eligible for Citizens.
You don’t necessarily have to go with that private company, but you’d no longer be able to get coverage through Citizens.
All the private companies that take over Citizens’ policies must be financially fit and approved by OIR.
The companies were approved to take over, or assume, Citizens’ policies in late October.
Mortgage Rates
Dip to Lowest
Level Since January
Mortgage rates declined to their lowest level since early February. Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind. Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers.
