Citizens Property Insurance Corporation lifted the 5:00 a.m. (Miami time) suspension on Saturday, October 10 that prevented new homeowners' insurance policies from being contracted and existing coverages from being expanded in Florida due to Hurricane Isaias. The insurer confirmed in an official notice that all its regular operations have resumed.
The decision lifts the restriction imposed across the state since 11:05 a.m. on Wednesday, October 7. During that period, Citizens agents were unable to formalize new coverage or changes that would increase the protection of policies, regardless of the requested effective date.
What changes for homeowners and homebuyers?
Those who need a Citizens policy to insure a property or complete the closing of a sale can reapply for it through an agent. The temporary restriction on requesting coverage increases for existing policies has also been lifted.
However, the reopening does not imply the automatic approval of a pending application nor does it guarantee that a new policy will cover damages that occurred before its effective date. The statement does not announce retroactive coverage: each application must meet the insurer's requirements and applicable conditions. Before considering a property insured, it is advisable to confirm with the agent the issuance of the policy and its effective date.
The suspension by Isaías affected the hiring of new coverage and certain increases, but it did not entail the cancellation of the policies that were already in effect. Claims for damages from those who had an active insurance policy are a separate process, subject to the conditions of each contract.
The rise announced this Saturday refers to Citizens and should not be interpreted as a statement regarding all private insurers in Florida, who may impose their own restrictions.
CiberCuba previously reported on the suspension decreed by Citizens on October 7. Updates from the company can be found on their official contract alerts page.
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