The Citizens insurance helps the homeowners of Florida to obtain a perfect insurance for all their properties and it is especially for those who will not be able to get insured for their belonging anywhere else. Being a place of regular natural disasters, most of the companies providing private insurance very reluctantly provide the property coverage to the citizens at an exorbitant price. At times, the natural disasters like the storms cause immense destruction in Florida due to which most of the insurance companies cease to exist in the market and the ones which do suffer substantial damage.
Citizens Insurance and Property Insurance
Due to the natural disasters which take place often in the state, most of the people are not able to purchase the insurance for their property. And for these helpless people, the Citizens insurancecomes as the last option. Instead of going to the other private insurance companies and pleading them for the insurances, the people of Florida always has the option of buying insurance from this particular company.
Although it is a non-profit company, the price for every insurance coverage is quite high than most of the others in the state. This is mainly followed for two reasons. Besides providing the citizens with insurance, the company also ensures that no one else in this industry can actually compete with them. Although the rate of the insurance company is quite high it was approved by the Insurance Regulation’s office.
The insurance company has the authority of canceling coverage and transferring them to the other carriers. The citizens and people of Florida find it quite difficult for being able to get insured by the private carriers. No doubt that the company carries on this risky business in a land of natural calamities which take place almost throughout the whole year. Hence, charging high rates of premium are quite natural.
But it is also true that there are many more insurance companies in the place which mean that the competition exists. Although the prices of insurance do not vary greatly between the different companies including Citizens insurance, it is recommended to do a proper research before buying any.
One can get comprehensive information from the Insurance Regulation Office of Florida regarding the insurance related matters for the different companies of the state but the official website of the same does not provide the citizens with any comparison tools or quotes.
Although it is a well-known fact that the company offers a high price for insurance policies, but at the same time it is also true that under no circumstances will it allow a person to be bankrupt financially due to the natural disasters if he had purchased the policy for the same from the company.
The company being state-owned ensures that the money with which citizens purchase policies goes into the welfare of Florida. The procedures and policies are documented in a straight forward manner and hence comprehending them are easy enough. It has earned the name of trust and loyalty among the citizens of Florida.