Insurance Industry Losing Interest in Florida

Florida has frequently been hit with severe natural disasters that have caused billions in damages. This is primarily due to its geographical location. The risk to reward ratio for doing business in Florida is just not worth it for many insurers. Most top US insurance firms have left the FL market altogether.  This has left a huge vacuum in insurance coverage in the Sunshine State, waiting to be filled.

Fortunately, Citizens Insurance Company offers low-cost budget coverage to homeowners throughout Florida. Over the last ten years, the carrier has provided coverage for over a million citizens in Florida, as well as to homes that are unable to get coverage from other companies. now offers no deposit car insurance, this was implemented due to strong demand for auto and home insurance in the Florida area.

This has helped those customers that need low-cost auto insurance coverage, but don’t have a lot of money to put down a big deposit. Citizens also have great deals for bundling automobile and homeowner’s coverage together. The company has further reduced rates for clients who bundle, and this is one of the fastest-growing units in the company. Request a free online quote now and see how easy it is to obtain low-cost coverage.

Affordable Insurance Coverage for Florida Residents

An important secret to saving a lot on auto and home insurance coverage is to combine your different policies together with one insurer. Citizens lets you do this and save hundreds per year. Combining the policies under a single plan can save you up to 25%. Our standby customer care agent can help you get a free quote, which typically takes less than 10 minutes.

Besides Florida, which is also the company’s headquarters, the company sells property and casualty insurance in Michigan. Do you reside outside of Florida or Michigan? If you do, you can still get cheap coverages. You can get affordable auto and home insurance online through our affiliated companies.

Compare quotes now and see how easy it is to save hundreds off your car insurance premiums. You can switch to Citizens Insurance and get the great coverage you need while keeping more money in your pocket. You can get free quotes anytime online, or call during normal business hours Monday through Friday.

Florida Sinkhole Insurance

Over the past few years, the infamous news of scary sinkholes popping up in Florida is an event almost every resident in Florida fears. In one tragic sinkhole event, a man was swallowed up by a massive sinkhole right in his bed and buried alive. This put fear in the heart of homeowners across the state. Such unpredictable and unfortunate events have been a challenge to insurance firms, which has led to a dramatic increase in rates. Florida’s cheap home insurance front-runner may also not be left out. Their sinkhole-related coverage rates may be increased by about 200% or more.

There have been different meetings with company executives recently, where an increase in rates by over 100% was approved. There may likely be more increases to come in the near future if the problem persists. Many residents have considered relocating from this sinkhole-plagued state, not just for safety reasons, but also as a result of the increase in insurance rates.

Our team will discuss with you all of your options, as well as draw out a plan that is budget-friendly and one that leaves you satisfied. Residents and people intending to move to Florida should assess the geographical location for sinkholes, before moving in. This assessment will help you save a lot of money, and you may even save your life and the life of your loved ones.

Florida Is Prone to Continual Natural Disasters

In the US, the gulf coast region is ranked among the most dangerous areas for natural disasters. Florida witnessed over a dozen hurricanes and dangerous storms like Hurricane Katrina in 2004 alone. Having the Gulf of Mexico on one side and the Atlantic Ocean on the other increases the chance of getting hit by severe storms every year. Serious hurricanes and storms can demolish most houses and cost billions of dollars in repairs. Many companies recorded great losses after the 2004 hurricane year, and this led to many businesses pulling out of the Florida market for fear of incurring additional losses in future years.

The scarcity of policy providers resulted in a dramatic increase in rates by the few available insurers. A lot of homeowners had just two options. The first was to get covered with expensive rates. The second option was to go without coverage, which is very risky.

At this critical time, one company stepped in to help Floridians fill the gap. Citizens was established as a non-profit firm in 2002, with the primary and sole aim of protecting residents who were unable to meet up with the cost demands in the new market. The insurer is not just a home insurance company in Florida but provides a variety of casualty lines to consumers in several areas.

Following the “exodus” of local firms in 2004, had to step in quickly to provide protection to millions of Floridians without coverage.

To meet up with the demands of policyholders, the firm recruited thousands of experts and customer care personnel. By 2005, Citizens Property Insurance was the number one home insurance company in Florida. Later, it further extended its services to Michigan, and even into other regions. Floridian taxpayers subsidized the losses incurred, but they were not as bad as some analysts and politicians had predicted.

Although the financial crisis was a tough one, 2007 through 2018 recorded very few significant storms. The company didn’t spend vast sums on settling claims. The low losses recorded did not only help insurers save money, but also brought relief to insured homeowners.

Reduced Losses in Recent Years

These involve the evaluation of the majority of the homes covered by the company and increased rates in most cases. Some rate increases were implemented to sustain the business and prepare it for future claims. Left with few alternatives available, homeowners couldn’t help but continue paying the higher premiums, while hoping that the rates will drop someday.

Citizens Insurance Detroit has, over the last two years, cleared its financial obligations and now has enough funds to set off claims from policyholders. In some cases, the rates of these companies are lower than rates. Over 500,000 policyholders have moved from the firm to its competitors. The lower the rate of natural disasters, the more the Sunshine State will attract new insurers, ready to insure more Florida homes.

Citizens Insurance Louisiana

Nearby, another non-governmental company that also offers car insurance buy now pay later coverage is Citizens Insurance of Louisiana. Residents in this area can now get low-cost auto coverage with a $20 down payment and rates from $39 per month. The firm’s operations are similar to that of Citizens of Florida. It is currently focused on providing affordable coverage for those who are unable to get property insurance elsewhere.

Besides the home policy, the Louisiana company also renders other commercial activities for vehicle coverage. Although Louisiana’s’ rates are now very affordable, in an unfortunate event like hurricane Katrina, the company’s rates are expected to increase throughout the region.

Citizens Insurance Michigan

For over thirty years, the corporation has made a name in offering coverage to homeowners and businesses in the area. It’s now a division of the Hanover Insurance Corporation. The corporation has an ongoing emphasis on individual service, transparency, and integrity. The insurer built a large number of devoted and satisfied customers over the years.

Citizens Insurance Michigan also offers comparatively cheap car and home insurance in the region. In addition to the competitive rates, the company also provides discounts for military veterans, good drivers, and senior citizens. The insurer has dedicated and experienced staff. This includes licensed agents that are always available to advise and assist you in obtaining coverage that benefits your needs at affordable prices. Citizens Insurance is poised for future growth in Florida, Michigan, Louisiana and in new markets throughout the U.S. for years to come.

Skip to toolbar