Citizens Insurance policyholders navigate next steps after learning company dropping

ROYAL PALM BEACH, Fla. — As private companies continue to take over Citizens Insurance policies, many of their customers are trying to figure out which options are going to save them the most money.

When WPTV sat down with Lori Lanni, a homeowner in Royal Palm Beach, she had her calculator out.

She’s been busy doing the math as she chooses a new property insurance policy after Citizens, the state’s insurer of last resort, dropped her along with thousands of others.

“I received a letter from them maybe about a month ago telling me that they were depopulating, which means they’re getting rid of so many,” Lanni said.

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 Lori Lanni of Royal Palm Beach speaks about the challenges of choosing a new home insurance company after being booted from Citizens Insurance.

WPTV

Lori Lanni of Royal Palm Beach speaks about the challenges of choosing a new home insurance company after being booted from Citizens Insurance.

She was given two options. She had to choose between Florida Peninsula Insurance, which is based in Boca Raton, or Slide, which is new to the insurance market in Florida.

“Florida Peninsula, I’m paying about $1,000 more, and Slide they’re just a little under that, $978 (more),” Lanni said, “but I still chose to go with Florida Peninsula.”

There are nine other companies that have adopted Citizens policies so far, and Slide is the newest. They were approved to take over 100,000 policies back in August.

“I think it’s a very good step in the right direction,” Robert Norberg, an insurance agent with Arden Insurance in Lantana, said. “It’s a positive step that means more businesses coming to Florida.”

Robert Norberg explains why the reduction of Citizens Insurance policyholders is good for the overall health of the system.

WPTV

Robert Norberg explains why the reduction of Citizens Insurance policyholders is good for the overall health of the system.

Norberg told WPTV that while it is costing the homeowners more, there are some major benefits.

“The admitted markets or the standard companies usually are a little bit higher than Citizens because of the statutory rate restrictions on Citizens,” Norberg said. “However, you get more bang for the buck when you get into the standard and admitted market.”

Norberg called it “higher quality coverage.”

That’s all fine and good for people like Lanni, but she still wishes she had more of a choice.

“We’re stuck. We still carry a mortgage. If I didn’t carry a mortgage, I’d have a choice of whether or not I should be carrying house insurance,” Lanni said. “I probably still would, but it would be my choice. I have no choice here.”




This article was originally published by a www.wptv.com . Read the Original article here. .