As part of its effort to reduce its ballooning exposure level and trim the number of policyholders, Florida’s insurer of last resort will increase its property inspections by almost 70-fold over the next four years — with plans to spend an extra $43 million.
Citizens Property Insurance Co., the state-backed insurer that is now one of the largest property and casualty carriers in Florida, also posted new eligibility and underwriting rules, which will make properties ineligible for coverage if inspections show the structure is unsafe. Besides its own inspections, to be done mostly by private inspection firms, Citizens also may require copies of inspection reports done by local or state governments.
