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Heritage Property & Casualty Insurance Company

Insurer seeks 10 percent premium increase on home policies in Florida

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Heritage Property & Casualty Insurance Co. has requested premium increases averaging nearly 10 percent on most Florida policy renewals effective on Dec. 1. The new rates would cover the approximately 68,200 homes and condo policies Heritage acquired last year from Citizens Property Insurance Corp. Citizens, the state-run insurer of last resort in Florida, is pursuing a policy of “depopulation” — encouraging policyholders to shift to the private insurance market. Heritage acquired some 75 percent of its Florida policies from Citizens,…

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Citizens gets OK to shed another 71,500 policies in March

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Citizens Property Insurance Corp. — Florida’s state-backed “insurer of last resort” — received approval Monday to shed another 71,500 home insurance policies from its rolls amid an ongoing effort to reduce the state’s liabilities. The Florida Office of Insurance Regulation announced two private carriers have been approved to take over the policies, which cover properties private insurers previously deemed untenable for coverage. Heritage Property & Casualty Insurance Co. is set to assume 55,000 personal residential policies (35,000 personal line policies and…

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