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WHAT CITIZENS INSURANCE IS DOING TO OUR CITIZENS (AND YOU!) WHAT CITIZENS INSURANCE IS DOING TO OUR CITIZENS (AND YOU!)

WHAT CITIZENS INSURANCE IS DOING TO OUR CITIZENS (AND YOU!) - PowerPoint Presentation

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Uploaded On 2016-02-28

WHAT CITIZENS INSURANCE IS DOING TO OUR CITIZENS (AND YOU!) - PPT Presentation

Charles L Wasson III CPCU Sandy Wasson amp Associates Insurance Inc clwassonwassonandassoccom 7273924400 Christopher J Denicolo JD LLM Gassman Law Associates PA christophergassmanpacom ID: 234538

liability coverage 000 citizens coverage liability citizens 000 policies 2012 rental constructed 300 open roof owned umbrella offer coverings

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Slide1

WHAT CITIZENS INSURANCE IS DOING TO OUR CITIZENS (AND YOU!)

Charles L. Wasson, III, CPCU

Sandy Wasson & Associates Insurance, Inc.

clwasson@wassonandassoc.com727-392-4400

Christopher J. Denicolo, J.D., LL.M.Gassman Law Associates, P.A.christopher@gassmanpa.com727-442-1200

Monday,

August 13, 2012

5:00

p.m.Slide2

On May 31, 2012, Citizens lowered liability coverage from $300,000 to $100,000 for new policies, and for existing policies effective at the time of renewal.  

All umbrella policies require dwellings to have an underlying liability limit of $300,000 Therefore, thousands of Citizens insureds

have $200,000 gaps in their liability coverage.  There will be one carrier that will issue an umbrella policy that will handle liability above $100,000 (instead of $300,000). The name of this carrier is RLI and these policies will be available beginning in September of 2012 for policies and in November of 2012 for renewals.

 Citizens does not offer any liability coverage whatsoever for rental properties owned by LLCs.Citizens also does not offer any liability coverage for rental properties owned by Trusts unless the Trustee is a principal beneficiary.  Other carriers may issue liability policies for rental houses owned by LLCs and Trusts.

LiabilitySlide3

“Other Structures – Reduced to 2% from 10% of Coverage A (Dwelling). Buyback options available“Personal Property” – Reduced to 25% from 50% of Coverage A. Buyback options available

 “Sinkhole Loss Deductible” – Mandatory increase to 10% of Coverage A

Other Coverage Changes Taking Place With Citizens Are:Slide4

Any structure enclosed by screens on more than one side, constructed to be open to the weather, and not constructed of and covered by the same materials as that of the primary dwelling

Carports, open sided porches that have a roof covering, and patios that have a roof covering not constructed of and covered by the same materials as the primary dwelling Awnings, aluminum carports, and aluminum framed screened enclosures

 Any structure or attachment where the structure’s roof coverings or exterior wall coverings are of thatch, lattice, slats, or similar material 

Slat houses, chickees, tiki huts, gazebos, cabanas, canopies, pergolas, or similar structures that are open to the weatherThe Following Types of Property Are Now EXCLUDED From Coverage in a Citizens Policy: