August 14, 2022
  • August 14, 2022

Citizen Property Insurance Review | The bank rate

By on November 4, 2021 0


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 homeowners in Florida who cannot obtain coverage from private insurers. This includes homeowners who have a sinkhole located near or on their property, or who live in a high risk flood area.

Florida residents can purchase traditional home insurance through Citizens Insurance, as well as tenant, condo, and manufactured home insurance. The provider also sells wind-only insurance policies for residential and non-residential properties. The citizens’ insurance is financed exclusively by the premiums of the insured.

If you cannot purchase private home insurance due to specific risks associated with your property, citizen insurance may be a good option. However, you must meet several eligibility criteria in order to purchase coverage.

  • Established date: 2002
  • Insurance products offered: House, condo, tenants, prefabricated house
  • AM Best Financial Strength Rating: N / A
  • NAIC Complaints Index: .24 (below average)
  • Availablity: Florida
Advantages The inconvenients
Offers insurance for high-risk homes Only available in Florida
Wind policies only available No online quote
24/7 claim notification Must meet eligibility criteria
Online portal for policy management

Home Insurance Citizens Property Insurance Corp.

Citizens Property Insurance sells home insurance policies for high-risk prefabricated and prefabricated houses. If your home is located in an area prone to weather damage and you cannot get private coverage, you may be able to purchase insurance from Citizens. However, since Citizens insurance is limited to applicants who would otherwise be unable to obtain a policy, homeowners who qualify for standard coverage may consider Hosting Florida other best insurance companies. traditional housing when they insure their house.

Types of coverage

Citizens Property Insurance sells a variety of insurance policies for homeowners and manufactured homes. Standard policies include housing, other structures, personal property, third party liability, and coverage for additional living expenses. You can purchase a modified home insurance policy, which provides coverage against 11 named risks. Citizens Property Insurance also sells fire and wind insurance policies only.

In addition to the standard coverage, you can also add several riders to your policy for more protection. Available add-ons include:

  • Coverage of replacement cost of personal property: This rider will replace your damaged personal effects at their replacement cost value – which offers a larger payment because it does not include depreciation – following a covered loss.
  • Sink Loss Coverage: Sinkhole coverage will cover structural damage caused by verified sinkholes. Most Citizens insurance policies automatically include Collapse Catastrophic Coverage, which covers cover depression and other similar damage. Adding sinkhole coverage can help bolster your policy’s financial protection, providing stronger coverage.
  • Increased coverage of law or ordinance: This policy provides additional coverage if building codes increase the cost of rebuilding your home. Each citizens’ property policy automatically includes lower standard legal / prescription coverage.

Discounts

Homeowners who want to save money on home insurance can take advantage of several discounts through Citizens Property Insurance. There are five discounts available, most of which are aimed at protecting your home from weather hazards. In order to qualify for many of these discounts, you must first get a home inspection.

Also, keep in mind that Citizens Property doesn’t offer the most common home insurance discounts, such as bundling policies or paying your premium in full. Here are two unique discounts you can get through citizens’ property insurance:

  • Wind attenuation discount: If your home has wind damage mitigation features, you may be eligible for a lower rate. Examples include storm shutters and doors designed to resist projectiles.
  • Roof construction discount: Citizens Property may offer a lower insurance rate if your home qualifies for the Florida Building Code Compliance Discount. There may be additional discounts if your roof is inspected by a professional roofing technician.

Citizens Property Insurance Corp. Ratings, Reviews, Customer Satisfaction and Complaints.

Due to the size of the company and its niche market, there is not much review on citizens’ property insurance. The company is not rated by Standard and Poor (S&P), JD Power or AM Best.

However, Citizens Insurance has fewer complaints than average, as shown in the National Association of Insurance Commissioners (NAIC) Business Complaints Index. The company claim score for home insurance is 0.24, which is lower than the national benchmark of 1.0.

In terms of customer experience, Citizens Insurance offers several online tools to help Florida homeowners find the best policy for their needs. There is also an online portal where customers can make payments and update their policies. The company also has a 24/7 complaints hotline.

Reasons Why Citizens Property Insurance Corp. is a good option

Citizens Property Insurance is a good business to consider for homeowners in Florida who cannot purchase standard home insurance from a private provider. This is often the case with homes located in areas at high risk for weather damage, such as hurricanes, floods and wind, as well as sinkholes.

Plus, Florida homeowners could add multiple endorsements to their home insurance policy for extra protection. There are also a variety of discounts that can help lower your rate, especially if your home is built to withstand the elements.

One of the main drawbacks of Citizens Insurance is that coverage is only available in Florida. Plus, you need to work with an agent to get a quote and purchase a policy.

Additional policies offered by Citizens Property Insurance Corp.

Citizens Property Insurance only sells property insurance policies. In addition to home insurance, you can also purchase condo, tenant and manufactured home insurance.

Frequently Asked Questions

What is the citizens’ property insurance deductible?

If you have a Citizens Insurance policy, your deductible will either be a fixed amount or a percentage of the insured value of your home. It can also depend on the type of claim you are making and the cause.

What are the criteria for insurance of citizens’ property?

In order to take out home insurance of Citizens Insurance, you must meet the eligibility requirements. You must have been denied coverage by a Florida licensed private insurance company, or your home insurance quotes must be more than 20% higher than the premium for comparable coverage from Citizens Insurance. This coverage is considered a cover of last resort for those who would otherwise not be able to obtain home insurance due to the risk.