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Some relief for windstorm insurance premiums in Florida

Citizens Property Insurance, once the insurer of last resort and now the largest insurer in Florida, announced Tuesday that it will offer a multi-risk policy to those who have windstorm only coverage. Combining the wind policy with the general homeowners policy may save homeowners up to 10% on their premiums, according to Citizens. Citizens currently covers 118,000 owners who have both policies with Citizens. The multi-risk policy will also be available to others with windstorm only coverage.

At the same time, State Farm has announced it will drop 50,000 homeowner policies starting January 1st. They’re dropping those homes that are close to water – i.e., within 2 miles of the ocean, Gulf, and/or the intercoastal. Dropping these policies is still subject to review by the Florida Office of Insurance.

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