Citizens Property Insurance Cuts Residential Coverage Limit
Posted by Benjamin Dona on Monday, January 16th, 2012 at 5:25pm.
Citizens 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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