Does Florida Need A Citizens 2.0 Insurance Option For Vintage Condo Buildings?

In this latest issue of the Miami Condo Market Intelligence Report™, we examine the possibility Florida might need to create a Citizens-like insurer of last resort option for older condo buildings.

For this week’s Miami Condo Market Intelligence Report™ newsletter, we examine the possibility that Florida may need to create a new Citizens Property Insurance-like entity to provide coverage for the thousands of Vintage condo associations that are at least 30 years old in the sunshine state.

For anyone who doesn’t know, Citizens is the Florida-backed insurer of last resort for qualifying homeowners who cannot get coverage from private companies.

Citizens, as it is commonly referred to, was created through a merger of the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA) in August 2002, according to Wikipedia.

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The views and opinions expressed in this report is for general informational purposes only. It is believed to be accurate and complete based on current market trends but cannot be guaranteed or warranted as circumstances change without notice. It should not be considered as financial, legal, tax or investment advice. This content should not be relied upon as the sole basis for making any financial decisions. Before making any investment or financial decisions, you should consult with a qualified professional to determine the suitability of any investment or strategy for your individual circumstances and goals.

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