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Give us a call today and let us help you take the drama out of selling life insurance 1-866-304-0312. or visit us http://InsuranceProAdvice.AnAllianceForLife.com

The House passed a bill allowing surplus lines carriers to take over insurance policies from Citizens Property Insurance Corp. What does that mean?

The property insurance market in Florida presents a challenge for everyone involved from consumers to agent and lawmakers alike. As property insurance has become harder and harder to purchase over the past few years, property owners are forced to turn to Citizens to insure their properties. The lack of options in the market has increased the market share of Citizens to levels that some may consider too big to fail. Thus, fears are increasing that a strong hurricane can leave Citizens unable to pay claims. In an attempt to reduce the market share of Citizens, the state has agreed to allow surplus carriers to take over Citizens policies.

So what is a surplus carrier? Simply put, they are insurance companies that do not meet all the state standards. These include financial and reserve requirements, approved policy language, and proper claims procedures in accordance with state law. This does not mean they are not good insurance companies; it simply means that they do not work in Florida markets regularly and do not wish to modify their policies to satisfy the Florida market. If you receive a notice from Citizens that your policy is being assigned to another carrier you need to understand the following facts before you make a decision:

Check who the new carrier is and check their ratings.
Check to see if they are a surplus or state approved.
Your policy will be in effect the same way it was written by Citizens only claims will be handled by the new carrier.

Upon renewal by the new carrier, read the policy carefully; it may no longer be a Citizens policy.
Check for deductibles, replacement vs. actual cost value, dispute resolutions, and exclusions.

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For more information call
Mortgage Protection & Insurance Services, Inc.
954-967-6700
Fax 954-967-9100
Toll Free 866-304-0312

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The following video features the story of real clients who have received living benefit claim payments.

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