Skip to main content
#
Call Us Today!
home
customer service
make a payment
claims
contact
site map

Blog

Wednesday, August 03 2022

By order of the Office of Insurance Regulation (OIR), with support from the Governor’s Office and the Chief Financial Officer's office, Citizens is ready to assist carriers in the event of a rating downgrade by Demotech. Carriers that are in compliance with all provisions of the Florida Insurance Code may enter into an arrangement by endorsement with Citizens.

This arrangement prevents the need for policies to be rewritten with Citizens. This is applicable when the mortgage on the insured dwelling is owned by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).

Under the arrangement, if a carrier becomes insolvent, Citizens will pay the balance of all unpaid covered property insurance claims above the FIGA limit.

Each Endorsement with a carrier will expire no later than June 1, 2023.

No action is required on the part of agents or the policyholders.


 

Posted by: AT 07:32 am   |  Permalink   |  Email
Personal Service at Internet Prices!
Olson & DiNunzio Insurance Agency, Inc. is a BBB Accredited Insurance Company in Naples, FL


Find Us On Google+
© Olson & DiNunzio Insurance Agency, Inc., 2008
2536 Northbrooke Plaza Drive; Naples, FL 34119
Doing Business in the State of Florida

P: 239-596-6226; F: 239-596-1620; E: info@olsondinunzio.com 

Featuring the cities of Naples, Bonita Springs, Marco Island and Estero Florida. Providing them the highest quality insurance and unbeatable rates.