CITIZENS PROPERTY INSURANCE CORPORATION 2312 KILLEARN CENTER BLVD., BUILDING A TALLAHASSEE, FLORIDA 32309 TELEPHONE: (850) 513-3700 FAX: (850) 513-3903 FOR IMMEDIATE RELEASE January 22, 2014 Contact: Michael Peltier (850) 513-3774 Citizens Launches Clearinghouse TALLAHASSEE, FL – In a continuing effort to provide homeowners with more and better choices and return to its role as Florida’s insurer of last resort, Citizens Property Insurance Corporation will launch its much anticipated Property Insurance Clearinghouse. On Monday, four private companies will begin offering policies to new applicants for homeowners coverage as part of Citizens’ measured rollout of the clearinghouse system authorized by state lawmakers in 2013. Over the next five months, additional participating private-market insurers will be added to the list of approved-Florida companies able to offer property insurance to Citizens applicants. The Property Insurance Clearinghouse, which will help match homeowners with private companies willing to write comparable polices at competitive rates, is the latest effort by the state-backed insurer to reduce its exposure and the risk of assessments for all Floridians. Policyholders who find private coverage through the clearinghouse also will benefit by not being subject to Citizens policyholder assessments that can be as high as 45 percent in a single year. “The clearinghouse offers dual benefits of helping homeowners find better coverage at comparable rates and reducing Citizens’ exposure,” said Chris Gardner, Chairman of Citizens Board of Governors. “We’re excited by the promise this initiative holds for helping to lower assessment risks for all Floridians.” Starting Monday, when a homeowner seeks new homeowners coverage with Citizens, their Citizens-appointed agent will enter their property information into the clearinghouse, which will seek offers of coverage from participating private-market companies. If a participating company offers a policy at a premium that is within 15 percent of the Citizens premium for comparable coverage, the applicant will be ineligible for Citizens coverage. The homeowner will be given a list of all private offers extended through the clearinghouse, and, in most cases, their agent will be able to bind coverage with the company of their choosing. In an effort to ensure a smooth rollout, the clearinghouse initially will focus on new homeowners (HO-3) policies. By mid 2014, current Citizens residential customers also should have their policies shopped through the clearinghouse prior to renewal. Renewal policyholders will only be ineligible to renew with Citizens if an offer for comparable coverage is received with a premium that is equal to or less than their Citizens renewal premium. Monday’s launch is the result of months of preparation and cooperation between Citizens, private carriers and Bolt Solutions, Inc., which is providing the clearinghouse software platform. “I want to thank all those involved in this monumental effort,” said Barry Gilway, Citizens President, CEO and Executive Director. “I’m confident their hard work will benefit consumers, Citizens and the people of Florida.” A media kit and short overview video, which demonstrates how the clearinghouse will work, are available on Citizens’ Media Resources page. Additional information about the Property Insurance Clearinghouse can be found on the Citizens website. ### |