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Florida postpones merger of homeowners pools. (Briefing).

The creation of Citizens Property Insurance Corp., which will combine Florida's two homeowners insurance pools, has been delayed until Aug. 1.

The merger was planned for July 1, but it was delayed to allow time for the financial arrangements to be transferred from the JUA and windpool to Citizens, said Tami Torres, spokeswoman for the department.

Citizens, which will serve as the state's insurer of last resort for consumers who can't find property insurance coverage in the private market, will be created by merging the Florida Windstorm Underwriting Association and the Florida Residential Property and Casualty Joint Underwriting Association. Combined, the organizations cover 520,000 homes in hurricane-prone coastal areas. The JUA was created after Hurricane Andrew in 1992 left homeowners stranded without coverage.
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Comment:Florida postpones merger of homeowners pools. (Briefing).
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2002
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