Florida Take Out Insurance Companies – How to Avoid Unexpected Surprises

take outs.

Many of these take out companies milk the policy base they assume and never go on to write any new business beyond the policies they take out of Citizens. Companies that don’t diversify beyond the takeout policies in their initial portfolio are more susceptible to financial collapse after a major hurricane.

Last but not least, Florida insurance agents who originally wrote the policies that are being removed from Citizens might not want to become an agent with the new take out companies – even if it means they will lose the business. They simply might not want to add a new company to the mix of companies they already represent. Or they could have real concerns about the financial stability of the new take out company. The agent can’t stop consumers who want to benefit from a take out offer. However, an agent’s unwillingness to represent a particular company should at least cause a consumer to proceed with caution.

If you are a policyholder with Citizens Property Insurance and you receive a take out offer, here are the questions you should be asking your existing insurance agent – before you decide whether to move your Florida home insurance from Citizens to the new take out company:

How long has it been in business? Has it ever handled Florida hurricane claims before? If so, how many customers have filed complaints against that company for inadequate customer service.

How financially strong is the take out