The Property Insurance Clearinghouse is an innovative program that identifies private-market insurance options for consumers who believe Citizens might be their only choice for property insurance.
The clearinghouse will provide homeowners with greater access to Florida's increasingly expanding insurance market, reducing the number of homeowners with no option other than Citizens for their property insurance needs. The Clearinghouse was authorized by the 2013 Florida Legislature.
Benefits for Florida Homeowners
- Citizens policyholders often have more restrictive coverage and fewer options than those insured by private companies.
- Citizens policyholders can be required to pay much higher assessments if a major storm leaves Citizens unable to pay claims.
- Buying a policy from Citizens when comparable private-market coverage is available increases Citizens' potential claims exposure, as well as the assessment risk for all Floridians. In addition to property insurance policies, these assessments also are levied on specialty policies such as auto, boat and pet insurance.
- Homeowners have expanded access to private-market companies that may offer more personalized and comprehensive coverage options than are available through Citizens.
- Homeowners who find coverage in the private market face a much lower assessment risk than Citizens policyholders.
- All Floridians benefit from Citizens' significantly decreased exposure and reduced assessment risk.
The clearinghouse currently is available only for the following new and renewal Citizens policy types:
- Multiperil and wind-only homeowners (HO-3 and HW-2)
- Multiperil and wind-only condominium-unit owners (HO-6 and HW-6)
- Dwelling Property 1 and 3 (DP-1 and DP-3).
- Excludes DP-1 and DP-3 tenant contents and condominium-unit policies.
Additional policy types will be added over time.
The clearinghouse currently includes the following participating companies. Additional companies will be added over time.
- American Traditions**
- Avatar Property & Casualty
- Capitol Preferred**
- First Community (Bankers)**
- Florida Peninsula**
- Modern USA**
- Monarch National
- Safe Harbor (Cabrillo)
- Southern Oak**
- UPC (United Property & Casualty)
** New business and renewals