The combination of the two companies, the Florida Citizens Property Insurance aims to provide insurance protection for homeowners in high-risk areas. Also, the Florida Citizens Property Insurance provides policies for homeowners who cannot find protection from the private insurance market.
The two companies that make up the Florida Citizens Property Insurance are state-run insurance entities, the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Residential Windstorm Underwriting Association (FWUA).
History of Florida Citizen Property Insurance
Before the creation of Florida Citizens Property Insurance, property owners had difficulty finding insurance companies that were willing to offer insurance protection for damage or losses due to hurricanes and hurricanes. Both of these natural disasters are very common in this state because Florida is located near the Pacific. To provide coverage needed by property owners, Florida Citizens Property Insurance is made.Since the adoption of the law that created Florida Citizens Property Insurance, the company how to hold more than eight thousand policies for citizens. This makes Florida Citizens Property Insurance the second largest insurance company in the state.
Growth of Florida Citizens Property Insurance Companies
The truth was his statement was cemented when the Florida Citizens Property Insurance Corporation released a report, saying that they paid up to $192 billion in property. In August to December 2002, Florida Citizens Property Insurance wrote a total of 606,215 policies. At the same time, Florida Citizens Property Insurance has an obligation of $2,400,020,398.
The extraordinary growth of Florida Citizens Property Insurance is caused by several factors. The volume of policy for Florida Citizens Property Insurance has increased significantly due to new developments in the coastal areas. The reluctance of other insurance companies to write new policies for homeowners in Florida also contributes a lot to the number of Florida Property Insurance policy holders.
Florida Citizen Property Insurance Solutions Overcome Problems
Recently, the Florida Citizens Property Insurance Company suffered a major setback when four storms hit the country. Hurricanes Charley, Frances, Ivan, and Jeanne have caused losses to the Florida Citizens Property Insurance Corporation around $1.77 billion in total damage. The estimated net loss of Citizens Property Insurance Corporation was first reported by Risk Management Solutions.To overcome this loss, Florida Citizens Property Insurance has increased premium prices from their windstorm policy to 67 percent. Steps by Florida Citizens Property Insurance has resulted in a surplus of up to $1.2 billion. Also, Florida Citizens Property Insurance is expected to earn $40 million per month in premium income.
However, even though this seems a surplus in their funds, executives at the Florida Citizens Property Insurance are not sure whether they will experience a deficit. The total number of claims that Florida Citizens Property Insurance must answer is close to 92,000. And according to the Risk Management Solution, this figure is still expected to increase in the next few months. https://bit.ly/2LViEKF