Citizens Insurance – Auto Insurance Agency
Citizens Insurance Company was created initially as a nonprofit organization, which served local Michigan residents with Insurance coverage they often could not find elsewhere. A similarly named company, Citizens Property Insurance, serviced Florida. Due to the geographical area of Florida, natural disasters are a common occurrence and many major US-based Insurance carriers have pulled out of the market, as they deem it far too risky.
Natural disasters are a significant gap in Citizens insurance coverage for residents with seemingly no one to fill the demand. Thankfully Citizens Insurance Offers excellent homeowners coverage all across the state of Florida at very attractive rates, due to their tax-exempt nonprofit status.
The company has insured over one million Floridians over the past ten years and continued to help families that could not obtain coverage anywhere else. In recent years, due to increased demand from policyholders, Citizens now offers affordable automobile Insurance and has low rates for customers who bundle their home and auto policies together. Get a quick quote online and see how easy getting covered can be.
Citizens Insurance Coverage.
One of the best secrets to saving money on your insurance is to bundle your different policies together. If you have a house and also a car that need to be insured, then you can save up to 40% by combining your policies into one umbrella plan.
A friendly representative can even assist you moving your system over to Citizens. Moreover, best of all, the entire process only takes about ten minutes or so. In addition to Florida, where the firm is based, Property and Casualty Insurance has cheap home insurance in Michigan.
If you live outside of the sunshine state of Michigan, we also provide quotes in all fifty states with our online insurance partners.
Check out our low rates now and see how much we can save you right from your home or even your office at work. We can get you insured anytime of the day or night.
Sinkholes Florida’s coverage
In the last couple years, about everyone in Florida has seen news coverage about the horrible sinkholes that appear to be popping up all over Florida. 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 and, as a result, many companies have hiked their rates dramatically. Even Florida’s low-cost home insurance leader, Citizens auto insurance of Florida may be increasing rates for policies that cover sinkhole by as much as 300% or more.
In fact, recently several board meetings have taken place that have already approved an initial rate hike of over 100% with more increases likely to come shortly. In some instances, homeowners have made the tough decision to move away from areas that are deemed risky to possible sinkhole disasters, not only for safety concerns but also because of the dramatic rise in insurance rates.
The company will work with you to discuss all of your options and create a coverage plan that best suit your budget and most importantly leaves you with peace of mind. One excellent tip to all new homeowners in Florida is to make sure they make a geographical assessment of the area near and around their future home before purchasing it. Making this assessment not only save you money but could also possibly save your life.
Citizens Insurance saved an important region of the country
One of the most hazardous areas in the United States for natural disasters is the Gulf Coast region. The Gulf Coast area has been inundated with severe storms such as Hurricane Katrina and more than a dozen hurricanes in Florida alone in 2004.
Due to its geographical layout, with the Atlantic Ocean on one side and the Gulf of Mexico on the other, Florida can expect severe storms and hurricanes nearly every year. After 2004 which was one of the most difficult Florida hurricane years in recent memory, many Citizens insurance companies lost significant amounts of money in the state and decided to pull out for fear of continued losses.
This vacancy of Insurance providers and skyrocketing premiums by those few companies that continued to serve Florida caused rates to spike dramatically. Many homeowners found themselves without coverage or with rates that were just too expensive.
Citizens Property Insurance came to the rescue of countless Floridians and filled the gap in the market at a critical time. The nonprofit entity was created in 2002 with the sole purpose of being an insurer of last resort and not a primary home insurance provider in Florida. After the national insurers had left the region, Citizens Insurance was forced to scale quickly and provide home insurance coverage to over one million residents.
The company had to hire thousands of Insurance professionals and customer service reps to handle the big request for coverage. By 2005, the company was the largest home insurer in Florida and also began to offer coverage in Michigan and elsewhere. The taxpayers of Florida were subsidizing the companies’ losses for years.
When the economy took a steep dive after the housing bust of late 2007 and consequential economic decline, massive deficits resulted, and many wondered whether the non-profit could remain viable due to budget constraints.
Even though the financial storm was difficult, there were very few major storms in 2007 through 2012, and thus, the company did not have to pay out substantial claim costs. Not paying for that not only saved Citizens but all of the people that relied on their homeowners Insurance coverage.
Cut losses in recent years
These include assessments on most of the homes insured by the company and in most cases rate hikes. These rate hikes, although an effort to keep the business viable and financially stable have been met with resistance as expected from policyholders.
With few other options available, homeowners often have no choice but to continue to pay the increased premiums and hope that rates will go back down one day although unlikely. In the past two years, Citizens Insurance Detroit has met its financial objectives and even has a large reserve fund set aside to offset potential disasters.
Floridians should feel safe that the non-profit is in excellent financial health and continues to provide great service. In the last couple years, because of the small rate of natural disasters, several large companies such as Liberty Mutual and Geico have re-entered the Florida market.
These companies have, in some cases, lower rates than Citizens and more than 500,000 policyholders have migrated away from the company to competing insurers. As long as natural disasters occur at a low rate, expect more and more companies to move to the Sunshine state and rates to get even cheaper. Get a free Florida home insurance quote now.
Louisiana Citizens Homeowners Insurance Corporation
Nearby, another government nonprofit company has been set up to serve residents of Louisiana. The company is modeled almost exactly like Citizens of Florida, and its primary focus is to help homeowners who could not otherwise obtain property insurance, get covered at affordable rates.
In addition to residential coverage, the Louisiana firm also offers competitive commercial business for Citizens insurance as well as automobile coverage. Although the rates are currently quite attractive in the area, if another wild storm occurs like the Katrina devastation, expect the company to increase rates dramatically throughout the region.
After this many storms, many local Insurers went bankrupt and left many homeowners with unpaid claims and total unprecedented devastation. Thankfully, although slowly, the area is getting back to normal and more and more insurance firms are entering the market and driving down costs. Many residents are comforted that Louisiana’s company insurance, in a minimum time will help out with coverage when disaster strikes.
Citizens Insurance Company of Michigan
For more than three decades, the corporation has been successfully selling insurance in the region to residents and businesses, and it is a unit of the Hanover Insurance Corp. With an emphasis on personal service and total integrity, the company has a large group of loyal, satisfied customers.
In addition to an excellent service, Citizens Michigan has some of the cheapest home and auto insurance in the area. The company also has discounts for good drivers and military veterans. The company has a well-trained staff of licensed agents that can help you get a policy that suits your necessities at a great price. You can visit the website here: www.citizensinsurance.net