WEST PALM BEACH, Fla. — Florida's Office of Insurance Regulation has approved a new round of take-out offers for Citizens Insurance policies with condo associations.
Condo Owners Reciprocal Exchange has the green light to make offers on 400 policies.
This continues Citizens' determination to keep moving policies to the private market, numbering in the hundreds of thousands to reduce Citizens' statewide exposure.
"We hope they're going to be stable," Gregory Buck of National Risk Experts said. "We hope all these companies are going to be stable."
He said it's very likely the offers will be selected very carefully for condos that are considered to be lower risks.
"When you start the program, it has to be somewhat of a cherry-pick program, because the problem is, you can't take big losses," Buck said. "In the beginning, you want the best condominiums and townhomes to go with."
The bulk of Citizens' take-out offers are still with single-family homes in Florida. With both houses and condos, those take-out offers can be refused if the offer is over 20% of what policyholders are currently paying with Citizens.
If you have any questions or issues with homeowners insurance, email Matt Szesney at matt.sczesny@wptv.com