Citizens Property Insurance Drops Aluminum Structure Coverage
Posted 15November2011
Citizens property insurance , a non-profit government backed insurance underwriter covering parts of Florida, has dropped coverage for aluminum structures such as pool cages, sheds and carports. This is one change Citizens is making in order to shrink exposure to risk as called for by Governor Rick Scott who ordered the underwriter to develop a plan by December 5, 2011 to shrink the state run insurer's size.
Most insurance companies have limits to the amount covered for external aluminum sheds and enclosures. Citizens is trying to keep their coverage level equivalent to private insurance companies. They have cited the excessive risk caused by these structures since they are typically easily damaged or destroyed during a windstorm or hurricane.
Citizens property policy holders should shop around with private insurers who may be able to insure these structures.
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This should not be considered financial advice which can only be given by a qualified financial or insurance professional. We suggest you consult with a licensed financial planner and/or insurance professional who is most qualified to consult with you regarding policy decisions. Many factors are involved in your policy premium and coverage due to water and mold damage, some of which may not be mentioned in this article. We are an affiliate of the Bankrate Insurance Network.
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