Free Insurance Providers Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Written byChelsey TuckerInsurance Expert
Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his familys insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. Hes also been featured on sites like Reviews.com.
Citizens Wind Insurance And Other Alternate Policies
Citizens does offer additional policies besides homeowners insurance policies. These include wind-only policies for eligible homeowners and a variety of property policies for those living in different types of structures, such as condos and mobile homes.
Wind-only policies: You can get standalone wind-only insurance â only covering damage from hail and wind â in certain areas of Florida. If you want to determine whether your property has wind-only policy eligibility, you can search your address using a tool on Citizens’ website.
Modified homeowners policies: You can purchase a cheaper but more restricted homeowners policy with less coverage for some major perils, such as water damage.
Condo unit policies: If you’re a condo owner who lives in their unit, you can purchase a condo policy that covers the unit’s interior, personal property, liability coverage and additional living expenses. These policies do not cover the exterior of the condo building.
Mobile home insurance policies: Similar to a homeowners policy but for those who live in a mobile or manufactured home as their primary residence.
Renters insurance policies: If you’re a renter, you can purchase a policy to cover personal property, additional living expenses and liability insurance without covering the dwelling itself.
Citizens Home Insurance Quote Comparison
Compared to some of the largest insurance companies in Florida by market share, Citizens home insurance quotes are among the cheapest in the state. Citizens Property insurance rates are consistently competitive across different counties and home profiles in our sample. Rates were notably cheap for houses with wind mitigation features, illustrating the benefit of taking advantage of the insurer’s discounts for home features that lower the risk of wind damage.
One downside to shopping with Citizens Insurance is that there is no online quote tool, so you won’t be able to get a personalized home insurance quote online. If you’re looking for sample rates for your property insurance you’ll have to contact a Citizens agent its website has an agent lookup feature to find a local contact near you.
Find Cheap Homeowners Insurance in Your Area
Also Check: Alternatives To Long Term Care Insurance
Florida Sinkholes And Home Insurance Coverage
In the last several years, almost everyone in Florida has seen news coverage about the horrible sinkholes that appear to be popping up all over the state. One man was even resting in his bed when a giant sinkhole consumed his house, and sadly, he died.
This frightening and unpredictable force of nature has Insurance companies on edge. Some insurers are raising rates or pulling out of the market altogether. Many companies have hiked their rates dramatically, making home insurance unaffordable to many residents.
Even Floridas low-cost home insurance leader, Citizens auto insurance of Florida, may be increasing rates for policies that cover sinkholes by as much as 300% or more. In fact, several recent board meetings have taken place that has already approved an initial rate hike of over 100%, with more increases likely to come shortly.
How To File A Claim And Pay Bills With Citizens Property Insurance
Citizens offers the option of filing a claim online or by phone. If you prefer an online process for claims management, you can go on to the Citizens Property Insurance website and login to myPolicy, the insurer’s online self-service tool. This platform can also be used to view your policy and pay your bill online.
If you want to report a claim or pay your bill by phone, you can call Citizens’ property insurance 24/7 phone number at 866-411-2742. Finally, if you want to pay your bill by mail, you can pay using personal and cashier’s checks mailed to the Citizens Property Insurance Corp address in Jacksonville, Florida, or, for overnight payments, directly to the payment processing department in the same city.
Editorial Note: The content of this article is based on the authorâs opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
Don’t Miss: How Do Life Insurance Policies Work
Our Promise To Customers
When you have a claim, we’ll provide the expertise, guidance and tools to make things as easy as possible for you and your family or business. Day in and day out, our skilled claims professionals help us deliver on this promise getting people back on the road, back into their homes and back to business after the unexpected occurs. Depending on the specifics of your claim, we may interact through self-service digital or virtual options, onsite visits and/or through trusted vendor partners. We’ll be with you every step of the way.
The Bottom Line: Steer Clear Of Citizens
If no other insurance company will issue you a policy, Citizens is certainly better than having no coverage at all.
But if youre just hoping to save a few bucks in a harsh insurance market, we urge you to reconsider.
On their website, Citizens even admits that private insurers offer more coverage options and less restrictive coverage than can be purchased from Citizens. In a recent article in Insurance Journal, Citizens CEO and President Barry Gilway even stated that it was unfortunate that Citizens was becoming the first or only choice for some Florida homeowners.
When the President of your insurance company wishes he didnt have to write you a policy, that should tell you something.
Even if a private market carrier costs you more per month, youll have better insurance coverage, more flexibility, and higher satisfaction than a Citizens insurance policy.
Not sure where to turn? An independent insurance agent is your best choice when shopping for insurance. Because they work with multiple insurers, they have access to more options, so you can find the best coverage for your budget.
And if Citizens is really the best option for you, theyll tell you.
You May Like: Life Insurance Quotes For Over 50
Citizens Home Insurance Discounts
Citizens discount options are limited compared to most insurers. Given it is solely a property insurer, you won’t have the option to receive a discount by bundling your homeowners policy with other insurance such as auto or umbrella policies. Citizens only offers typical discount features related to increasing the safety of your home from weather-related events, fires or burglaries.
- Wind mitigation: Get a discount for having features like window shutters and hip roofs that lower the risks of wind damage.
- Building code: Save on premiums if your home was built after Jan. 1, 2002 or if it has an updated roof to meet appropriate building standards.
- Alarm systems and sprinklers: Get a cheaper rate if you have a centrally monitored fire or burglar alarm or a sprinkler system.
Reason #: Low Rates Are No Guarantee
With such low premiums and high-risk properties, how does Citizens Property Insurance have enough in the pool to reimburse all the claims they must have?
Sometimes, they dont.
Whenever an insurance company has to pay out more than it brought in, they need to make a few adjustments to correct the course. This often means increasing premiums when you renew your policy.
However, if Citizens cant afford to cover all claims, they can levy an assessment on all policyholders.
If you switched to Citizens Insurance hoping to save money, this will likely come as a huge shock. In some households, it might even be impossible to pay the higher rate. But not paying your insurance assessment is a lot like not paying your utility bill. If you cant pay, Citizens cancels your policy and your .
Once that happens, youre left with the choice to pay out the nose for your premiums or go without insurance coverage.
Further, if the assessment on Citizens policyholders still isnt enough to cover their losses, they are legally allowed to issue assessments on private market policyholders. Yupevery Florida insurance customer is susceptible to a Citizens assessment.
Sure, your premiums may be low initially, but its likely they will skyrocket as soon as the next hurricane comes through. In a state with so many severe stormshurricanes and summer thunderstorms alikeis Citizens Insurance really a savings?
You May Like: State Farm Non Owner Insurance
Its Not Worth The Low Premiums
With very little coverage, Citizens Property Insurance is Floridas insurer of last resort.
The last few years have seen insurance premiums increasing at an alarming rate. Throw in unemployment caused by a global pandemic, and its no wonder many households are at a financial breaking point.
As a result, many homeowners are turning to the marketplace to seek out cheaper insurance coverage. In some cases, the cheapest option is a policy with Citizens Property Insurance.
But is Citizens Insurance a good choice for you? At Harry Levine Insurance, we caution our clients to never purchase a policy from Citizens if they dont absolutely have to. In this article, well give our three biggest reasons why and what you can do to find homeowners insurance that fits your budget.
Citizens Insurance Home Inspections
Depending on the type and amount of coverage you’re looking for, the discounts you desire and age and location of your property, Citizens may need a Florida-licensed inspector to conduct an inspection of your home.
Four-point inspection: Required for all homeowner applications for properties more than 30 years old. The four points refers to inspection of your home’s electrical system, plumbing, heating and cooling system and roof.
High-value inspection: If your home is valued at $650,000 or more, you may not be properly covered by a Citizens policy given its maximum dwelling coverage of $700,000, requiring a high-value inspection.
Roof inspection: Roofs older than 25 years or 50 years need documentation showing at least three years remaining useful life before Citizens will write a policy on your home. Citizens will require an inspector to complete a roof inspection form verifying that it meets its established roof requirements.
Wind-damage mitigation inspection: If you’re looking for a discount on your policy because of your home’s wind mitigation features, you’ll have to get an inspection to identify and document the features.
Sinkhole inspection: If you’re seeking to pay for optional sinkhole loss coverage, you will have to get an inspection to determine whether your property is eligible for this additional coverage.
Read Also: Website To Compare Car Insurance
About Citizens Insurance Company Of America
Citizens Insurance Company of America is business in INDIANAPOLIS, 46240 United States. Citizens Insurance Company of America phone number is 580-0067 and you can reach us on number 580-0067. You should give them a call at 3175800067 before you go. The map below helps you find driving directions and maps for Citizens Insurance Company of America. This is the only Citizens Insurance Company of America location in INDIANAPOLIS, IN.
Google Map of 3950 Priority Way South D Suite 200 Indianapolis, IN 46240. If you find error address or can’t find, please enter another address using the form bellow, then search again.
If you want to delete this business in our database, please contact us via Remove Listing form.
Citizens Home Insurance Has Cut Losses In Recent Years
Citizens Home Insurance has made critical assessments on most of the properties insured by the company and, in most cases, initiated rate hikes. These rate hikes have been met with resistance from many policyholders. However, it is an effort to keep the business viable and financially stable.
With few other options available, homeowners often have no choice but to continue paying the increased premiums and hope that rates will go back down one day, although unlikely. Citizens Home Insurance has some of the cheapest rates for Florida homeowners in hazardous areas, with rates that start at under $1,000 a year.
Reason #: Not Everyone Is Eligible
When it comes to determining your premiums, insurance carriers dont care about your income or how many bills you have to pay. But they do factor in the value of your residence and personal property.
Even if you cant afford to purchase private insurance coverage, you may have to if those things are worth a certain amount. If the total value of your dwelling and your personal belongings is more than $700,000 , you are not eligible for Citizens insurance coverage.
Citizens Property Insurance Policy Coverage
Citizens Insurance offers very basic homeowners insurance coverage that matches the standard features of an HO-3 policy. If you can access coverage from private insurers but are eligible for Citizens because of the high rates on the private market, you should still shop available insurers to see if there’s a better fit. Despite higher rates, these insurers are likely to provide more coverage options and potentially more value for your money.
|Covers losses collectively assessed by a homeowners association against its members||$1,000|
These features provide Citizens policyholders with the essentials of homeowners coverage. But Citizens’ options for customization are limited compared to many private market insurers in a variety of important ways:
Low and fixed special limits for personal property: High-value items are only covered up to low, fixed limits, and Citizens does not provide the option to adjust them. For instance, jewelry and furs are only covered up to $1,000, so if you own an engagement ring valued in excess of $1,000, you won’t be fully covered.
Fixed personal liability coverage at $100,000: Most insurers will give you the ability to increase your liability coverage to much more than $100,000 at limited additional cost. With Citizens, you are stuck at that limit.
Read Also: All Clear Travel Insurance Reviews
How Are Homeowners Insurance Rates Determined
The average Citizens homeowners insurance rates are based on two different home profiles with a Citizens Insurance Company of America homeowners insurance policy.
- $200K home: These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good credit score.
- $400K home: These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good credit score.
The Michigan state average rates displayed in the graph are based on the average cost of homeowners insurance from the largest companies in Michigan and are based on the same two home profiles. All rates displayed should only be used for comparative purposes as individual rates will differ. Rate data is provided by Quadrant Information Services.
What Is Citizens Property Insurance
Citizens Insurance is a state-run, non-profit insurance carrier for Florida residents who are unable to find coverage from private insurance companies.
You may only purchase a Citizens Insurance policy if:
- No other insurer is willing to issue you a policy, or
- Coverage from private insurers is at least 20% higher than a similar Citizens policy.
Because of these reasons, Citizens is known as Floridas insurer of last resort.
Typically, Florida property owners dont turn to Citizens because they want to, but because they have no other choice.
Whats even worse is that there are some agents who steer customers toward Citizens simply because they dont have access to the right insurance company.
For instance, they might be a captive agent, meaning they can only offer policies from a single company. Others might work with more carriers, but still have very limited options at their disposal.
Because the average Florida resident doesnt know this, they go with Citizens and end up regretting it.
You May Like: License Suspended For No Insurance
Citizens Property Insurance Corporation
Citizens Property Insurance Corporation was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351 Florida Statutes as a not-for-profitinsurer of last resort, headquartered in Tallahassee, Florida, and quickly became the largest insurer in the state.The company has no connection to Louisiana Citizens Property Insurance Corporation, the equivalent entity in Louisiana, or several similarly named “for-profit” subsidiaries in the Hanover Insurance Group.
Citizens Insurance Company Assessment Fees Rate Changes And Nonrenewals
A risk of being a Citizens policyholder is that your premiums could suddenly increase after a major statewide disaster. Citizens saves a certain percentage of its premium income to pay for future storm claims, but a devastating storm or collection of storms could wipe out those reserves. Florida law would then require Citizens to charge higher fees, called assessments, on policyholders until the deficit in reserves is eliminated.
The first wave of assessments could charge policyholders a fee totaling up to 45% of their policy premium. This means that a Citizens policyholder with a premium of $1,000 could potentially face a one-time surcharge of $450 on top of their premium. In particularly extreme scenarios there could be emergency assessments charged on top of this over multiple years. Private market insurance has its risks too, of course: Insurers can decide to discontinue coverage in high-risk areas or raise rates to cover their losses.
Additionally, the insurer forecasts that most Citizens Insurance policyholders will see rate increases each year. Although policyholders in inland areas outside of South Florida may in fact see rate decreases, vulnerable areas near the Southern coast, such as Miami, are projected to face rate hikes of about 10% each year.
Recommended Reading: Car Insurance Laws By State