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Citizens Property Insurance Corp was created in 2002 when the Florida legislature passed a law combining the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA). The purpose of Citizens Property Insurance Corp is to provide insurance coverage for homeowners in the Florida areas that are considered high-risk.

The occurrence of hurricanes in the sunshine state has always been considered natural by most people. But the damage brought by these hurricanes has caused many private insurance companies to not offer policies that provide enough insurance coverage. Because of this, Citizens Property Insurance Corp was established.

A state-run insurer, Citizens Property Insurance Corp offers coverage of up to $350,000 of total damage and repair costs. Citizens Property Insurance Corp also includes other buildings besides the actual house and contents and liability.

Impact of the four hurricanes on Citizens Property Insurance Corp

The recent occurrence of the four hurricanes — Charley, Frances, Ivan, and Jeanne — in Florida has caused Citizens Property Insurance Corp a total net loss of $1.77 billion. As a result, Citizens Property Insurance Corp has increased its premium prices on their windstorm policy. This increase in Citizens Property Insurance Corp premium is projected to reach up to 67 per cent.

Being the largest insurer in the Florida state, the changes in the premium prices of Citizens Property Insurance Corp’s policies may cause other smaller insurance companies to up their premiums.

After the four hurricanes, Citizens Property Insurance Corp was left with almost 92,000 claims, the number of which is still expected to rise within the next few months. To keep up with all these claims, Citizens Property Insurance Corp increased their yields by an average of 11.9 per cent.

Citizens Property Insurance Corp will get the biggest bite from Hurricane Charley at an estimated $925 million in losses, according to Risk Management Solutions. The next one to bore a hole through Citizens Property Insurance Corp is Hurricane Jeanne with cost of up to $332 million. Hurricanes Frances and Ivan would also take some $532 million in total losses from the insurance funds of Citizens Property Insurance Corp.

Today, Citizens Property Insurance Corp has a surplus nearly reaching $1.2 billion, not counting the additional $40 million from monthly premium incomes. Yet, even with this money, Citizens Property Insurance Corp is still unsure whether they will have a deficit or they will have to assess. Should Citizens Property Insurance Corp run out of funds, the state’s other insurance companies will be assessed. Citizens Property Insurance Corp will then pass those costs to their customers through these companies.

Citizens Property Insurance Corp can assess all property and casualty insurance companies, except worker’s compensation and medical malpractice. The Citizens Property Insurance Corp assessment will probably be 2 per cent of each company’s billed premiums. If the premium price is $1,000, the 2 per cent assessment would cost around $20.

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“Citizens Property Insurance Corp” – 22 ( 4.5%)

Everyone who is a considered a citizen is entitled to citizen property insurance. Citizen property insurance is an insurance coverage type purchased by citizens of a country or state.

Citizen property insurance helps protect citizens from loss of property. Citizen property insurance also covers property damages caused by natural calamities like hurricanes, fires, earthquakes, and the like. For the “loss” clause in citizen property insurance, crime coverage is also included.

How does a citizen property insurance policy protect you?

Citizen property insurance can protect you in many ways. First, citizen property insurance offers protection against economic or financial loss. This means that with a citizen property insurance, damage or loss is measured in purely financial terms and compensated by money.

For example, your car or automobile is damaged. Citizen property insurance can pay for the cost of its repair. Similarly, citizen property insurance can also cover the cost of replacing that damaged car with a new one, in case repairs aren’t enough. Citizen property insurance can also cover the cost of reconstructing a building that has been damaged by fire or earthquake.

Despite the many benefits of citizen property insurance, it is also important to consider there are limitations involved. There are many types of damages or losses that cannot be covered by citizen property insurance. Since citizen property insurance is expressed on purely monetary terms, losses such as the emotional loss or the loss of a loved one, cannot be compensated by citizen property insurance claim. Thus, when you purchase a citizen property insurance, you are only insuring the economic value of your property.

How are citizen property insurance companies regulated?

There are many government agencies that regulate how citizen property insurance companies operate. In the United States, citizen property insurance companies are regulated primarily by the individual states. These agencies are sometimes called “Department of Insurance”, “Division of Insurance”, or “Insurance Bureau” and may differ in each state.

In the state of Florida, their legislature has passed a law in 2002 combining the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA). The result of this combination was the newly established Citizen Property Insurance Corporation.

The creation of the company made citizen property insurance provision more effective and efficient. Florida homeowners are especially at high risk of damage and property loss since the area is a magnet for many hurricanes and storms. The citizen property insurance therefore offers homeowners the kind of coverage which is not usually found in the open, citizen property insurance market.

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“Citizen Property Insurance” – 25 ( 5.8%)

AllState Property Casualty Insurance Company is part of the AllState group of companies that are one of the leaders in the insurance market.

When it comes to insurance, don’t scrimp. You have invested too much in your property to consider going for insurance coverage that are cheap but do not provide enough coverage. AllState Property Casualty Insurance Company provides you with any type of insurance you need. Whether it is for home insurance or auto insurance, AllState Property Casualty Insurance Company can give you that more.

AllState Property Casualty Insurance Company also offers packages for life, health, and business insurance. The AllState Property Casualty Insurance Company packages can help protect you and your property. Buy yourself some peace of mind by getting coverage from AllState Property Casualty Insurance Company.

AllState Property Casualty Insurance Company’s Auto Insurance

Whether it’s for you or for your teenager, AllState Property Casualty Insurance Company’s Auto Insurance can help you safeguard your investment in your automobile. AllState Property Casualty Insurance Company also pays for medical expenses in case of an accident. If you get sued, or your car gets damaged due to theft, vandalism, or natural disasters, AllState Property Casualty Insurance Company will provide you financial protection through their Auto Insurance.

AllState Property Casualty Insurance Company’s Home Insurance

There are many things involved when you buy a home and at the top is a home insurance. The AllState Property Casualty Insurance Company’s Home Insurance offers you security and peace of mind when bad things happen to your home. AllState Property Casualty Insurance Company will safeguard you and your family from events like theft, fire, burglary, and vandalism. The AllState Property Casualty Insurance Company’s Home Insurance also pays for the cost it takes to rebuild or repair your home.

AllState Property Casualty Insurance Company’s Life Insurance

Think monetary death benefits. And think about cash value accumulation. With a Life Insurance from AllState Property Casualty Insurance Company, you can have that sort of security and more. The AllState Property Casualty Insurance Company’s Life Insurance helps provide your family with a stable financial future.

Planning for one’s own mortality is never easy, but with AllState Property Casualty Insurance Company’s Life Insurance, you ease the burden of your loved ones in the future. By purchasing Life Insurance from AllState Property Casualty Insurance Company, you are providing your family a solution for problems such as unpaid medical bills, income replacement, final expenses like burial costs, and much more.

The AllState Property Casualty Insurance Company offers other products aside from those mentioned above. Whether it is coverage you want for your business or auto repairs, boat, and motor home, the AllState Property Casualty Insurance Company provides the answers for you.

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“AllState Property Casualty Insurance Company” – 22 ( 4.8%)

A significant aspect of every business is your business property insurance. Aside from wages, the single most important asset you have in your business is your business premises and to protect that, you need business property insurance.

What is business property insurance?

Business property insurance is a way for you to protect your business assets. Business property insurance provides coverage for your office space, building structure, and equipment. If during the unfortunate event of a fire or other disaster and you incur some damages, business property insurance is something you can depend on when the cost of damages is great. Business property insurance can help you pay for the reconstruction and replacement of losses caused by events specified in your business property insurance contract.

What does business property insurance cover?

Business property insurance covers two basic things: buildings and contents. Business property insurance covers these two from damages caused by fires, lightning, explosion of gas and boilers.

Damage or loss caused by “special perils” like explosion, riot, malicious damage or vandalism, storm, flood, impact by aircraft, road and rail vehicles, and pipe and sprinkler leakage is not generally covered by business property insurance. However, if you wish to add these damages, you may get a tailor-made policy for business property insurance that includes coverage for special perils.

An “all-risk” business property insurance policy is also available for you if you want wider coverage. All-risk business property insurance covers accidental damage or loss that are not specifically excluded. Wear and tear, electrical or mechanical complications, and gradual deterioration are not covered by an all-risk policy however unless it is specifically stated in the business property insurance contract.

How much business property insurance should I purchase?

The amount of business property insurance you should purchase depends on the type of coverage you need. However, if you want to take full advantage of the kind of protection that business property insurance provides, you need to insure your business premises for the full rebuilding cost. This means that when you purchase business property insurance, you need to consider the replacement value of your building, including professional fees and the cost of site clearance.

Most buyers make the mistake of using the market value of their building premises as basis for how much business property insurance they ought to purchase. The market value of a property depends on so many things and may go up or down, depending on the overall movement of the economy. So if you buy business property insurance that is equivalent to your building’s current market value, there’s no telling whether in the future that amount can provide enough coverage in case of accidents or disasters.

When calculating the rebuilding cost of your building premises, you might need expert advice from your business property insurance agent or broker.

In addition, when you buy business property insurance for content coverage, you should insure enough to cover the cost price and no additional for profit. Business property insurance can cover your stocks for its full cost price. Also should stocks fluctuate with the seasons, business property insurance may also cover that if stated in a provision. Business property insurance may offer either “replacement as new” or “indemnity” coverage for your plant or business equipment. If you business property insurance uses indemnity as basis, claims may include wear and tear.

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“Business Property Insurance” – 29 ( 5.2%)

Any business owner can attest to the critical important of property liability insurance to his business. Property liability insurance provides coverage for any liabilities or damages caused to a person due to negligence resulting in faulty products and services. The vehicles you use in conducting your business may also be covered by your property liability insurance.

How property liability insurance works

To calculate the cost of property liability insurance — called the premium — insurers typically use the book rating method. Book rating calculations are done through the use of the base rate of a property liability insurance company.

The factors included in calculating the base rate of the property liability insurance are the insurer’s costs and the level of risk attached to the business that is to be insured. Property liability insurance base rates usually reflect how an insurer prefers your type of business. The rates of property liability insurance are lower if the insurer wants your type of business.

The property liability insurance premium may also be affected by your claims history. In addition, the magnitude of your perceived risk and your approach to risk management may also be considered as factors that affect the premium rates of your property liability insurance. Premium rates for property liability insurance should be lower if your business environment is safe and if you have fewer claims made.

Property liability insurance premiums are also calculated based on the records of other businesses which are similar to your own. By putting the good and adverse aspects of the business together, an insurer can estimate the cost of the property liability insurance. Therefore, no matter how good your business might be, your property liability insurance premium may remain high if others in your type of business are not that risk-free. However, you can still counteract this adverse effect on your property liability insurance by using your own safety record and approach to risk management.

Types of property liability insurance

There are different kinds of policies involved in property liability insurance. Your property liability insurance policy may be designed and tailored to fit your business needs. The type of property liability policy you should purchase is that which offers protection for specific liability areas in your business. Below are a few of these property liability insurance types and the basic coverage each type offers.

General Property Liability Insurance

Property liability insurance may offer general coverage for all kinds of damages or losses stipulated in the contract. General coverage in property liability insurance includes damages caused by accidents or injuries that occur on your business premises. Harmful exposures that are related or caused by one of your products are also included in a general coverage property liability insurance policy.

General property liability insurance pays for any medical expenses incurred by someone while involved in an accident caused or brought by your business. Lawsuits, legal expenses, and lawyer’s bills are also among those that are covered by general property liability insurance.

Other types of property liability insurance

There are several other specialized types of property liability insurance. Auto coverage included in your property liability insurance covers for damages incurred by you or a third party while in a car accident. Likewise, an employer’s property liability insurance policy will protect you from costs of compensation and legal fees for employees who are injured or made ill while at work.

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“Property Liability Insurance” – 31 ( 5.5%)

Property investment has become a popular choice for people who want to get into the business of investment. It is only natural with all the tax and mortgage benefits associated with a property investment. But property investments involve a lot of risk factors. To protect yourself from these perils, you need investment property insurance.

The Benefits of Investment Property Insurance

Investment property insurance covers your losses or damages incurred when there are problems arising from your investment property. Investment property insurance offers coverage for natural calamities. Examples of calamities and disasters that investment property insurance can cover are fires, earthquakes, floods, and others which can destroy your property. Without investment property insurance, the cost of reconstructing or repairing your property can be hard on your budget.

If you get sued, investment property insurance can pay for all associated legal fees, including court fees and lawyer’s bill. Instances where negligence brings injury or harm to someone while in your property’s premises can merit you a lawsuit and without investment property insurance, you are certainly vulnerable to damages that arise from that lawsuit. The way lucrative legal deals are going now, your investment property insurance can prove to be the last line of defense for your business not to go bankrupt. Investment property insurance will help protect from these kinds of losses.

Types of Investment Property Insurance

Investment property insurance have two basic types: residential investment property insurance and commercial investment property insurance. The residential type of investment property insurance covers all types of residential units, such as homes, apartments, condo units, tenements, and the like. Commercial investment property insurance on the other hand pays for damages on office units, buildings, centers, malls, et cetera.

Residential investment property insurance protects your biggest investment, which is your home. This type of investment property insurance covers your home from damages caused by perils, such as fires or vandalism. The actual structure of your house is not the only thing covered by residential investment property insurance. This type of investment property insurance also covers the contents of your house, including furnishings and furniture. A comprehensive residential investment property insurance policy may also include coverage for associated structures like swimming pools, barn houses, gazebos, patios, et cetera.

Landlords who let their properties to other people may also get coverage through a residential type of investment property insurance policy. In this case, the investment property insurance protects the landlord from damages or loss caused accidents or disasters. An investment property insurance policy may also protect landlords from business interruption or loss caused when a tenant stops paying rents. Tenants may also get investment property insurance to protect themselves from damages or losses caused by disasters or catastrophes while staying in a property for rent.

The second type of investment property insurance offers protection for commercial properties. Commercial investment property insurance protects business owners or business operators from damages or loss caused by common perils, such as fires, floods, water damage. Like its residential counterpart, commercial investment property insurance provides general coverage for your commercial property like office spaces, units, including equipment, facilities, machinery, and other contents.

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“Investment Property Insurance” – 29 ( 5.6%)

Most people think that the only property insurance policies they need are those that protect their homes and their cars. However, nearly all of us own certain types of belongings that are not covered by a regular home insurance policy. The solution? Personal property insurance.

What is personal property insurance?

Personal property insurance is a type of insurance that offers coverage for your personal items. Examples of properties that are covered by personal property insurance are jewelry pieces, notes, books, computers, cellphones, important documents, and other valuable items. These items, though little and seemingly unnecessary, have value, monetary or otherwise, and needs the type of coverage that a personal property insurance coverage can provide.

The cost of replacing a valuable piece of jewelry can be hard on your budget and this where property insurance enters. Property insurance covers the cost of replacing or repairing valuable personal items which are damaged due to causes stated in the contract.

Who are the people that need personal property insurance?

Perhaps the people that are most vulnerable to personal property loss or damage are students who stay in dormitories or share a room with other students. Every year, college students lose thousands and thousands of dollars worth of personal property. These items include calculators, stereos, cameras, personal computers, books, furniture, clothes, and other personal items by fire, theft, water, or vandalism. Having personal property insurance can protect students from the replacement cost of lost or damaged belongings.

Several companies offer personal property insurance policies that are designed specifically for students. One example is National Student Services, Inc., which offers personal property insurance policies for students who are in college. NSSI’s personal property plan includes a $1,000-automatic liability coverage that will pay for any damages or loss of which the policyholder is responsible.

International or local travelers also need personal property insurance. Staying in several hotels within a short period of time can oftentimes cause confusion resulting in lost personal properties. Having the kind of coverage that personal property insurance can provide could protect the frequent traveler from damages or costs. In addition, personal property insurance can include a special clause that protects the traveler’s properties back home while he is away. Personal property insurance for the car for instance protects it from vandalism or theft.

A homeowner also has a need for personal property insurance. Since most homeowner’s policies do not include coverage for jewelry and other valuable miscellaneous items, a homeowner can get personal property insurance for additional coverage. Depending on the specifics stipulated in the contract, a personal property insurance policy may also include coverage for damages caused by houseguests. A valuable antique jar, for instance, was broken by one of the houseguests; personal property insurance can offer coverage for that.

Business owners may also have a need for personal property insurance. A personal property insurance policy for business covers items found in somebody’s office, like a valuable trophy, antique pieces, or expensive paper weights.

Almost anyone needs personal property insurance. And almost anything can be covered by personal property insurance. The trick is to know which ones need personal property coverage and which ones don’t.

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“Personal Property Insurance” – 22 ( 4.2%)