In what is sure to be a relief to many homeowners, Citizens Property Insurance Corporation has announced that it will not cancel homeowner insurance policies for those Floridians who have been unable to pay their bills due to COVID-19 related hardships. This is a reversal of their original decision to cancel or non-renew policies because of non-payment beginning on August 15, 2020.
As of mid-July, Citizens has reported about 3% of its policies to be past-due; however, now that the state is in the midst of hurricane season, its CEO and board of governors have decided to continue policyholders’ coverage even if they have been unable to pay. That is not to say that their insurance coverage is free, but rather Citizens is willing to work with its customers and will accept deferred payments.
Right now, the moratorium on Citizens Insurance cancellations has been extended until the end of 2020. Hopefully we will be through the COVID-19 crisis (and an uneventful hurricane season) by then and this type of relief will no longer be needed.
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