The exemption from their state rule is new as of the late December order and permits residential properties with as much as $1 million in replacement costs for getting coverage in Miami-Dade and also Monroe counties, while in all of those other state, that limit is usually $900, 000.
This Citizens Property Insurance Corporation was made by the Florida legislature in 2002 to offer property insurance for those not able to find coverage in your private market. The insurer is usually a not-for-profit, tax-exempt entity funded by policyholder premiums, based on its website.
Because there's a lack of competitive insurance policies for residential property insurance in Miami-Dade as well as Monroe counties and also a high concentration of premiums, the upper limit regarding coverage there through Citizens might be higher, according to this regulator. Florida's limit is usually $900, 000, but inside Miami-Dade and also Monroe counties the limit is $1 mil.
Eligibility for personal housing property coverage by Citizens is restricted and dependent on replacing costs. As of January 1, 2015, in case a Florida residential structure has a dwelling replacing cost regarding $900, 000 or far more, it's not eligible intended for coverage. On January 1, 2016, which number drops to $800, 000 and also on Jan. 1, 2017, which number drops $700, 000.
The Office regarding Insurance Regulation determined whether a county was exempt through the $900, 000 through current market analysis of data by insurers and agents, based on the order.
In addition to this corporation's headquarters inside Tallahassee, Residents has offices in Jacksonville and also Tampa.
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