Florida Citizens Property Insurance Corporation

In a law enacted at the time of 2002, by the Florida legislature 2002, the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) joined together with the Florida Windstorm Underwriting Association (FWUA). The result of this merger was known as the Florida Citizens Property Insurance Corporation.

With the help of Florida Citizens Property Insurance Corporation, The losses and damages sustained by homeowners living in high-risk areas in the sunny Florida state Florida are covered more effectively and efficiently.

Additionally, the insurance policies offered by Florida Citizens Property Insurance Corporation provide insurance coverage to those who are unable to find adequate protection in the private, open market for insurance.

In the diverse areas of Florida, the operations for Florida Citizens Property Insurance Corporation are managed by seven members of the board of Governors.

The governors, who are appointed by the State Treasurer to three-year terms, have the responsibility to ensure a smooth operation of the business for Florida Citizens Property Insurance Corporation.

Alongside Governors on the Board of Governors, the State Treasurer also has technical advisory boards that can provide advice and information essential to the business operations of Florida Citizens Property Insurance Corporation.

Louisiana Citizens Property Insurance Corporation

The Louisiana Citizens Property Insurance Corporation was established to manage the state-created entity for Coastal as well as FAIR Plans. The legislature created it as the Citizens Property Insurance Corporation to aid in stabilizing homeowners in Louisiana.

Citizens Property Insurance Corporation

Louisiana Citizens Property Insurance Corporation is a mix of the Louisiana Joint Reinsurance Program (FAIR Plan) and the Louisiana Insurance Underwriting Plan (Beach Plan).

It was the Beach Plan that offered insurance coverage for those who reside in Zone 5 that is considered to be the most prone to hurricanes region within the Louisiana state.

What Does The Plan Covers?

However, the FAIR Plan covers insurance in other areas parts of the state. When you combine these two plans the brand new Louisiana Citizens Property Insurance Corporation will be able to cover a greater range of insurance and provide more protection to homeowners in Louisiana homeowners.

The Louisiana Citizens Property Insurance Corporation has helped to create new companies and also renewed certain insurance policies to provide better protection for citizens across the state.

This Louisiana Citizens Property Insurance Corporation will provide coverage up to $350,000 of home damage as well as additional structures, contents, and liability. In its Fire Dwelling policy, the Louisiana Citizens Property Insurance Corporation will cover that can go up to $225,000.

It is the Louisianan State government that granted to the Louisiana Citizens Property Insurance Corporation the authority to retain a portion of its earnings tax-free.

The funds can be utilized for the Louisiana Citizens Property Insurance Corporation to establish an account that will be used to pay any claims that arise in natural disasters such as floods. If major disasters occur or when that the Louisiana Citizens Property Insurance Corporation fund isn’t enough to pay for all damages, the business might issue bonds to settle insurance claims.

Read Also

5 Steps to Reduce Your Auto Insurance Rate

Write A Comment