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Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
In the first meetings of officials from the state’s largest insurer' since back-to-back hurricanes raked Florida, Citizens Property Insurance Corp. acknowledged data showing half of last year ...
[1] [2] [3] The FAIR Plan was established in 1968 by a statutory amendment to the California Insurance Code (specifically, section 10090 et seq. [4]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [5]
With private insurers dropping customers and raising rates, the state-backed Citizens Property Insurance Corp. saw its number of policies increase about 50% in 2022.
How policyholders may be affected by the move.
Tens of thousands of customers of state-owned Citizens Property Insurance Corp. are getting a stunning surprise in their mailboxes. It’s a letter from Citizens’ “Depopulation Unit” stating ...
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