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Consumers recovering from Hurricane Ian but forced onto Citizens Property Insurance over an insolvent carrier may finally catch a break.
The state insurer of last resort will give United Property & Casualty customers with existing damage as long as 90 days after joining Citizens to provide signed contracts for repairs.
Hurricane Ian, one of the costliest storms in U.S. history, made landfall in Lee County on Sept. 28. But the state placed United Property & Casualty Insurance under administrative supervision less than three months later after the company posting an underwriting loss of nearly $170 million in its third quarter report while posted an almost $57-million surplus, a drop of more than 66% since the start of the year. In February, the insolvent insurer was put in receivership.
All UPC customer policies will terminate on March 29 under a liquidation order. That will impact around 59,000 policyholders in Florida.
Tim Cerio, Citizens president and CEO, said customers forced to move from United policies to the state-backed insurer will have until June 27 to provide proof they entered repair contracts. He said as long as those contracts have been signed, it does not matter if repair work has begun.
“Because of reported contractor shortages in Southwest Florida after Hurricane Ian, Citizens is allowing UPC applicants who have existing damage to their home 90 days to submit a contract to repair the damage,” Cerio said. “We think this is the right thing to do and can help those still suffering hardship in the aftermath of Ian.”
Citizens will also allow new UPC customers to apply for new policies until April 17, with coverage provided retroactively to March 29.
“This will allow agents additional time to assist consumers shopping for replacement coverage,” Cerio said.
Chief Financial Officer Jimmy Patronis said Citizens was doing right by UPC policyholders in the wake of the storm and financial problems with the company.
“After Hurricane Ian, people need some breathing room to start repairs and get coverage,” Patronis said. “Extending this deadline allows homeowners more time to start repairs so they can acquire coverage as they work to rebuild their lives and get back to normal; I appreciate Citizens for doing what it can to put policyholders first.”
One comment
Billy the Bamboozler AkA Family values drunk
April 2, 2023 at 10:45 am
Anything but tax and spend.
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