New Citizens Program Provides Potential Savings for Wind-Only Policyholders

The following information from Citizens Property Insurance Corporation announces the availability of a single policy plan commencing August 1, 2007. 

The plan allows wind-only customers to combine their coverage in a single document and is expected to simplify document tracking for Citizens customers.

Should you have any comments or questions, please do not hesitate to contact this office.

 

New Citizens Program Provides Potential Savings for Wind-Only Policyholders

TALLAHASSEE, Fla. – Citizens Property Insurance Corporation will begin offering a single policy to its wind-only customers on Aug. 1, a move officials say will simplify things for consumers and, in many cases, will result in a lower combined premium.

“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, however, is not just for policyholders who have two policies with the corporation. Any Citizens wind-only policyholder who has their other perils policy with another insurer is eligible for this new multi-peril coverage, Wallace said.

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 session.

Wallace urged all of Citizens personal residential wind-only customers to contact their agents and ask about the new multi-peril program before renewing their current policies.  Consumers who are looking for a Citizens agent in their area should go to www.citizensfla.com and use the new agent locator function.