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Citizens Property Insurance Cuts Residential Coverage Limit

Posted by Benjamin Dona on Monday, January 16th, 2012 at 5:25pm.

Citizens Property Insurance Cuts Residential Coverage LimitCitizens Property Insurance announced on Friday that Florida state insurance regulators have approved its request to cut the maximum policy coverage limit to $1 million from $2 million for residential properties in wind-eligible areas throughout the state. The change will become effective February, 1st for new policies and May, 1st for renewals.

The change applies to wind-only and multi-peril policies that include wind coverage. Properties with a replacement cost value of more than $1 million and condominium units with a combined building and contents replacement cost of more than $1 million will no longer be eligible for coverage. New applications for coverage under the old limit received by January, 18th will be honored for one policy term.

We surmise this is probably necessary, as Citizen's has its share of problems. But this is going to be an issue for a lot of folks.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955

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2 Responses to "Citizens Property Insurance Cuts Residential Coverage Limit"

Joe wrote:
Isn’t wind coverage a nice way of saying hurricane insurance? Or am I missing something obvious here…

Posted on Saturday, March 10th, 2012 at 6:38am.

Benjamin wrote:

Posted on Saturday, March 10th, 2012 at 7:06pm.

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