Update: Citizens Wind-Only Policyholders Must Re-Apply Upon Policy Expiration

Update:  Please note the press conference materials attached to this email. 

Citizens Property Insurance Corporation (“Citizens”) Executive Vice President of Corporate Operations Susanne Murphy, and  Paul Palumbo, Citizens Senior Vice President of Underwriting held a press conference today to inform policyholders about initiatives to update Citizens’ current wind-only policies. 

No policies will be cancelled, but all policyholders will be required to reapply for coverage.

Letters about contacting their agents and reapplying for a new insurance policy will be sent to all Citizens policyholders prior to the expiration of their policies, and at the following intervals:  180 days, 120 days and 60 days.

Citizens officials stated that almost all policyholders will qualify for coverage upon re-applicaton and emphasized that while rates are not being increased, efforts are being made to ensure that policyholders have sufficient coverage for major wind-related loss and an easy-to-read insurance policy.

Upon re-evaluation, Citizens policyholders will be presented with the following options and benefits:
• The opportunity to lower coverage for other structures (Coverage B) to five or two percent of the dwelling amount (Coverage A)
• Additional living expenses are extended from 12 to 24 months
• Loss of use payments are extended from 12 to 24 months
• Mobile homeowners may purchase replacement cost contents coverage

It was explained that immediate action is not necessary unless the policyholder owns property with a shingle roof that is over 25 years old, any roof over 50 years old, in which case coverage may not be available. 

Citizens officials expressed confidence that most policyholders will have more choices and benefits with their new coverage. 

Materials distributed at the press conference are attached for your review.