Nearly 400,000 policyholders may move from Citizens Insurance

8:03 PM, Aug 30, 2013   |    comments
  • Share
  • Print
  • - A A A +

 


 


TALLAHASSEE, Florida (AP) -- Nearly 400,000 policyholders in Florida could soon find themselves with a new insurance company.

State regulators last week quietly signed off on a plan to let 10 different insurance companies take over nearly a third of all Citizens Property Insurance Corp. policyholders this November.

Customers are automatically shifted to the new company unless they object.

The state-backed Citizens is the largest residential property insurer with 1.22 million policyholders.

Gov. Rick Scott and other politicians have been pressuring Citizens to scale back its size due to fears a major storm could wipe out its reserves.

One of the companies slated to get 50,000 policies is Heritage Property Insurance and Casualty. The start-up insurer struck a controversial $52 million deal with Citizens earlier in the year to absorb policies.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most Watched Videos