Citizens Property Insurance Corporation is a Florida-based, government-owned not-for-profit insurer that was established in 2002. The company sells property insurance to Florida homeowners who cannot get coverage through private insurers. This includes homeowners who have a sinkhole located near or on their property, or live in a high-risk flood zone.
Florida residents can purchase traditional homeowners insurance through Citizens Insurance, as well as renters, condo and manufactured home insurance. The provider also sells wind-only insurance policies for residential and non-residential properties. Citizens Insurance is funded exclusively by policyholder premiums.
If you cannot get private homeowners insurance due to specific risks associated with your property, Citizens Insurance may be a good option. However, you must meet several eligibility criteria in order to purchase coverage.
- Date established: 2002
- Insurance products offered: Home, condo, renters, manufactured home
- AM Best financial strength rating: N/A
- NAIC complaint index: .24 (below average)
- Availability: Florida
| Pros | Cons |
|---|---|
| Offers insurance for high-risk homes | Only available in Florida |
| Wind-only policies available | No online quotes |
| 24/7 claim reporting | Must meet eligibility criteria |
| Online portal for policy management |
Citizens Property Insurance Corp. home insurance
Citizens Property Insurance sells home insurance policies for high-risk site-built and manufactured homes. If your home is located in an area that is prone to damage from severe weather and you cannot get private coverage, you might be able to get insurance through Citizens. However, because Citizens insurance is limited to applicants who would otherwise be unable to secure a policy, homeowners who qualify for standard coverage can consider Florida’s host of other traditional best home insurance companies when insuring their home.
Types of coverage
Citizens Property Insurance sells a variety of homeowners and manufactured home insurance policies. Standard policies include dwelling, other structures, personal property, liability and additional living expenses coverage. You can get a modified homeowners policy, which provides coverage against 11 named perils. Citizens Property Insurance also sells dwelling fire and wind-only policies.
In addition to standard coverage, you can also add several endorsements to your policy for more protection. Available add-ons include:
- Personal property replacement cost coverage: This endorsement will replace your damaged personal items at their replacement cost value — which provides a bigger payout because it does not include depreciation — following a covered loss.
- Sinkhole loss coverage: Sinkhole loss coverage …….
Source: https://www.bankrate.com/insurance/companies/citizens-insurance/