Florida Citizens Property Insurance Corporation

In a law passed in 2002 by the Florida legislature, the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) merged with the Florida Windstorm Underwriting Association (FWUA). The result of the merger was called the Florida Citizens Property Insurance Corporation.

Through Florida Citizens Property Insurance Corporation, damages and losses experienced by homeowners in high-risk area in the sunshine state of Florida are covered much more efficiently and effectively. In addition, the insurance policies of Florida Citizens Property Insurance Corporation provided insurance coverage for those who cannot find enough coverage in the open, private insurance market.

Representing the diverse regions of the state, operations of Florida Citizens Property Insurance Corporation are directed by a seven-member Board of Governors. These governors, appointed by the State Treasurer for three-year terms, are responsible for ensuring a smooth run of business at Florida Citizens Property Insurance Corporation. In addition to the Board of Governors, the State Treasurer also appoints a technical advisory board who will provide information and advice important for business operations at Florida Citizens Property Insurance Corporation.

Louisiana Citizens Property Insurance Corporation

The Louisiana Citizens Property Insurance Corporation was created to run the state-created entity of Coastal and FAIR Plans. The legislature established the Citizens Property Insurance Corporation to help stabilize homeowners in Louisiana.

Louisiana Citizens Property Insurance Corporation is a combination of the Louisiana Joint Reinsurance Plan (FAIR Plan) and the Louisiana Insurance Underwriting Plan (Beach Plan). The Beach Plan offered insurance coverage for those in Zone 5, which is the most hurricane-prone area of the Louisiana state. On the other hand, the FAIR Plan covers insurance in the rest of the state. With the combination of these two then, the new Louisiana Citizens Property Insurance Corporation can cover a wider spectrum, offering more protection for the Louisiana homeowners.

The Louisiana Citizens Property Insurance Corporation helped create new businesses and renewed some insurance policies for better coverage for their citizens statewide. The Louisiana Citizens Property Insurance Corporation can cover up to $350,000 cost of damages of the home, additional structures, contents, and liability. For their Fire Dwelling policy, the Louisiana Citizens Property Insurance Corporation provides coverage up to $225,000.

The Louisianan state government has given the Louisiana Citizens Property Insurance Corporation the authority to keep some of its revenue - tax free. These revenues can be used by the Louisiana Citizens Property Insurance Corporation to build up a fund that can pay off claims in the event of a natural disaster, like floods. In cases of major disasters and the Louisiana Citizens Property Insurance Corporation fund is not enough to cover all damages, the company may issue bonds to pay insurance claims.

Recommended Reading:

1. Citizens Property Insurance Corporation - Citizens Property Insurance Corporation was created by the Florida Legislature in 2002. The purpose of forming Citizens Property Insurance Corporation...
2. Citizens Property Insurance Company - Because of the frequency of hurricane and windstorm occurrences in Florida, homeowners in that state have trouble getting insurance coverage...
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4. Citizens Property Insurance Corp - Florida homeowners, especially those in high-risk areas, experience a difficult time getting insurance coverage for damages caused by hurricanes and...
5. Citizens Property Insurance Corp - Citizens Property Insurance Corp was created in 2002 when the Florida legislature passed a law combining the Florida Residential Property...