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Citizens Home Insurance Company is a tax-exempted and non-profit organization established in 2002 to provide homeowners insurance coverage to Florida residents. Citizens Insurance has served thousands of Floridians over the last several decades and has been an insurer that has provided coverage when other companies have left the region.
In the early 2000s, due to severe weather, many insurers lost billions and pulled out of the Florida home insurance market altogether. This left many homeowners stranded and unable to insure their homes.
Citizens Insurance was there when Floridians needed coverage after the severe hurricanes of 2004 and 2005 and continues to serve the region with affordable rates and quality coverage. The state government created Citizens Home Insurance to aid Floridians who could not get coverage from anywhere else. Due to the ongoing potential of catastrophic natural events, such as hurricanes, Citizens Insurance could lose millions and even billions of dollars in a specific year.
This is why Citizens has always implemented prudent financial management. Funds are set aside so when losses occur, there is available money to pay out the claims that are made. Citizens Insurance has been a leader in offering low-cost homeowners coverage in the Sunshine State and has committed to serving the region, despite the financial risks always present.
Citizens Home Insurance Helps Florida Residents Achieve Home Ownership
Almost everyone dreams of owning a home and investing their hard-earned money into it. After all, that’s the core of the American dream. If you want to buy a home and get a mortgage, you will need certain levels of home insurance. Lenders want to protect the considerable investment they have in the property they are providing a mortgage, making home insurance coverage mandatory before the mortgage goes into effect.
You want to protect the large investment you’ve made in the property as much as possible. You need to consider all the unfortunate circumstances that could occur, such as flood damage, fire, and even theft.
Buying a home, especially for first-time buyers, is not only an investment; it’s a huge emotional purchase. As the saying goes, a man’s home is his castle. For many, a home is the single largest investment they will ever make.
This is why solid homeowners coverage is so important. Citizens Insurance has plans for most budgets and can get you insured with low monthly installment payments. Get a free home insurance quote in minutes and compare homeowners rates online. To begin, just enter your zip code.
Insuring your home will protect you and offer you peace of mind in extreme situations if a serious weather event happens, like a Florida hurricane. People living in the states who are continuously at risk of natural disasters, like Florida, are in dire need of solid home insurance coverage that will protect them when disasters strike.
Citizens Homeowners Insurance Common Areas of Coverage
Citizens Home Insurance Company, as well as other insurance companies and corporates, mainly provide coverage in the following main areas:
1. Problems Created by Human Errors:
Citizens Insurance covers your property in the case of unfortunate human-made problems like bomb explosions, unrest among the public, terrorism, property damage by the third party, fire explosions, damages done by aircraft, and likewise situations.
2. Natural Calamities:
Natural disasters produce severe mental and physical impacts on the property. It is called natural disasters to somewhat that are not under the direct control of human beings. Thus, the company provides coverage in such profoundly disturbing and nerve-wracking situations. Natural disasters may include floods due to heavy monsoon rains, hurricanes, tsunamis, earthquakes, land sliding, cyclones, storms, and much more. Citizens Home Insurance came into the picture with the sole purpose of catering to the needs of the people of Florida.
Besides the coverage features mentioned earlier, it is your choice to get coverage of your home’s structure and contents. You can choose either coverage for damage to the structure of the house or contents inside your home.
Types of Policies for Citizens Home Insurance
Home insurance companies provide plans accessible to offer a limit of coverage for different sorts of harm or damages that your property suffered. In 1971 the Insurance Services Office was organized, which set the standardized insurance types for homeowners. Each class is designed to cover different potential dangers. These types are:
It is the most basic form of an insurance policy. It covers your home and individual property against harm or misfortunes, including explosions by fire, vandalism, theft, and storms by the wind. Notice that the policy is an amalgamation of those of two other individual companies that provided windstorm coverage and property coverage.
It is sometimes called basic plus, which means that the insurance company will consider some other coverage factors besides the coverage included in the HO-1 type of policy. It includes falling articles, electrical surge harms (unpremeditated damage from electric current), and water-related harms from 3 categories, including plumbing, water heating, and air conditioning system. Damages to the plumbing, water heating, and air conditioning system include:
- Leakage or overflow of water within these frameworks.
- Freezing of pipes and harm brought about by the weight of ice or snow.
- The building’s collapse.
Besides the coverage included in HO-1 and HO-2 types, this Citizens home insurance type widely covers the structural framework and the contents inside your house. For the same reason, it is also known as extensive coverage, or sometimes it’s called All Risk Policy or ARP.
It is just known as insurance for renters, the people who rent an apartment in residence. In this type, the dwelling will not be covered by the company because the renter is not the sole owner of the property. However, this type of insurance will protect the personal assets of the renter against the damages discussed in the HO-3 type.
It is also an All Risk Policy, the same as the HO-3 type. The only difference is the coverage area; the HO-5 type covers the policyholder in larger regions with wider boundaries. Moreover, it also provides liability coverage in which the third party or outsider may do damage.
This arrangement has been set mainly for apartment suite proprietors and gives coverage to the part of the building possessed by the policyholder and additionally their property.
Citizens Home Insurance does not ignore older homes, and they designed HO-8 for the owners of older homes. The HO-8 covers the policyholder against the perils and damages described in the HO-1 type.
For example, water surges and earthquakes are not standard hazards secured by the above types of home insurance policies. They should be included on the off chance that you require coverage for those specific risks. Citizens Home Insurance company provides it to those Floridians who need it.
Coverage Offered by Types of Home Insurance Policies
Coverage of Dwelling:
It is the coverage amount on the real structure of the house and anything that is permanently joined to it. The best possible coverage amount depends on the replacement cost of the structure. Along these lines, the house’s size, price of development, and nature of development material utilized, the home’s estimation (hence the cost of required protection) will differ.
It is 10% of the coverage of the dwelling. It covers any segregated development like the separate carport, gazebo, and so forth.
The measure of scope interferes with half to 70% of the coverage of the dwelling. It includes your assets, furniture, home appliance, cameras, TVs, PCs, individual articles, and so on. Keep in mind that there is a limit on specific articles like guns and ornaments.
The property is Not Fit for Use:
Suppose your property gets to be distinctly unfit for living. In that case, your organization will pay you for the expansion in your everyday costs. It usually has a period of one year mostly or a special rate (20%) of dwelling coverage. The company protects you or your relatives against claims made by others on account of your carelessness or the carelessness of your loved ones.
These are also known as Guest Insurance. Citizens Home insurance covers you if a guest gets hurt in your home as a result of anything, and there are no claims.
Finally, the essential objective behind purchasing home insurance is to make you monetarily sound and well established after a misfortune. You show your consent to pay a (moderately) little expense to an insurance agency today. In return, the insurance company ensures that it will bear the burden of indeterminate loss later on.
There are just a few things that one should consider while taking home insurance. Make sure you have a good and reliable insurance agent sitting next to you who will help you to get the best protection for your home or business property. Moreover, go through the terms and conditions of the Citizens Home insurance before finalizing anything.
Find out about Citizens Home Insurance at Wikipedia.