Citizens Property Insurance Corporation

Florida Citizens property Insurance Corporation In 2002, a law is passed by the legislature of Florida, which persuaded the merger of the Florida Windstorm Underwriting Association (FWUA) and the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA). The merger of these two organizations shaped up to form the Florida Citizens Property Insurance Corporation. Florida … Continue reading “Citizens Property Insurance Corporation”

Florida Citizens property Insurance Corporation

In 2002, a law is passed by the legislature of Florida, which persuaded the merger of the Florida Windstorm Underwriting Association (FWUA) and the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA). The merger of these two organizations shaped up to form the Florida Citizens Property Insurance Corporation.

Florida Citizens Property Insurance Corporation provided effective and efficient liable coverage for the loss and damage of property of the Florida homeowners. Florida State has a higher risk of natural disasters like, hurricane and storms. Moreover, Florida Citizens Property Insurance Corporation also provides the insurance policies to those people who are unable to get the desired insurance coverage from the private insurance market.

A Seven-member of Board of Governors is the responsible panel who regulate Florida Citizens Property Insurance Corporation, and its operations in the state. These governors have the responsibilities to ensure that the business of Florida Citizens Property Insurance Corporation runs smoothly. State Treasurer appoints these governors for the period of three years. Also, the State Treasurer select and appoint a board of technical advisory for providing advises and information to regulate the business of Florida Citizens Property Insurance Corporation.

Louisiana Citizens Property Insurance Corporation

FAIR Plans and Coastal are the state bodies, and to run these entities the Louisiana Citizens Property Insurance Corporation is introduced. To help the house owners in Louisiana, the legislature decided to establish the Citizens Property Insurance Corporation.

The merger of the Louisiana Insurance Underwriting Plan and the Louisiana Joint Reinsurance Plan formed the Louisiana Citizens Property Insurance Corporation. The Louisiana Joint Reinsurance Plan, which is also known as Beach Plan provided liable coverage of insurance to Zone 5 house owners. Zone 5 is an area of Louisiana State, which have higher risk of hurricane. However, the Louisiana Joint Reinsurance Plan or FAIR Plan offers insurance coverage to the rest part of the area of Louisiana State. Unlike these two plans, the Louisiana Citizens Property Insurance Corporation offer wide spectrum of insurance coverage. Also, it offers augmented insurance coverage for the homeowners of Louisiana.

Citizens of statewide achieved a better insurance coverage because of the renewed policies of Louisiana Citizens Property Insurance Corporation. Also, it gave the new opportunity to the business at the Louisiana. The insurance policy of the Louisiana Citizens Property Insurance Corporation can cover the claim amount of $350,000. It includes the cost of damage of house, contents, liability and any additional structure. The Louisiana Citizens Property Insurance Corporation also has a Fire Dwelling Policy, and that can cover the claim of $225,000.

Authorities of the Louisiana Citizens Property Insurance Corporation are permitted by the Louisiana State government to keep a part of the revenue, which is tax free. The Louisiana Citizens Property Insurance Corporation keeps these revenues to pay off for the claims, for the incident of any natural calamity, like floods. If the revenues are not adequate to cover the claims in the major disasters, then the Louisiana Citizens Property Insurance Corporation could issue bonds to fund the insurance claims.

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