Through the Florida Citizens Property Insurance Corporation, the damage and losses suffered by homeowners in high-risk areas in the state of Florida that are exposed to the sun will be borne much more efficiently and effectively. In addition, the Florida Citizens Property Insurance Corporation insurance policy provides insurance protection for those who cannot find sufficient coverage in the open private insurance market.
Representing various state territories, the Florida Citizens Property Insurance Company operations are directed by seven members of the Board of Governors. These governors, appointed by the State Treasurer for a three-year term, are responsible for ensuring the smooth running of business at the Florida Citizens Property Insurance Corporation. In addition to the Board of Governors, the State Treasurer also appoints a technical advisory board that will provide important information and advice for business operations at the Florida Citizens Property Insurance Corporation.
Louisiana Citizens Property Insurance Corporation
Louisiana Citizens Property Insurance Corporation was formed to run the Coastal and FAIR Plan created by the state. The Legislature established Citizens Property Insurance Corporation to help stabilize homeowners in Louisiana.Louisiana Citizens Property Insurance Corporation is a combination of the Louisiana Joint Reinsurance Plan (FAIR Plan) and the Louisiana Insurance Guarantee Plan (Beach Plan). The Beach Plan offers insurance protection for those in Zone 5, which is the most storm-prone area in the state of Louisiana. On the other hand, FAIR's plans cover insurance in other states. With a combination of both, the Louisiana Property Insurance Corporation's new Citizens can cover a wider spectrum, offering more protection for Louisiana homeowners.
Louisiana Citizens Property Insurance Corporation helps create new businesses and updates several insurance policies for better protection for their citizens throughout the state. Louisiana Citizens Property Insurance Corporation can cover the cost of damage to homes, additional structures, content and liabilities of up to $350,000. For their Fire Dwelling policy, Louisiana Citizens Property Insurance Corporation provides coverage of up to $225,000.
The Louisianan state government has granted Louisiana Citizens Property Insurance Corporation the authority to retain a portion of its income - tax free. This income can be used by the Louisiana Citizens Property Insurance Company to build funds that can pay off claims in the event of a natural disaster, such as a flood. In the case of a major disaster and the Louisiana Citizens Property Corporation funds are not enough to cover all damage, the company can issue bonds to pay for insurance claims. https://bit.ly/2Jc0L86