It looks like Florida homeowners insurance company, Citizens Property Insurance Corporation, is going to be dropping current policy holders whose homes have a Chinese Drywall problem. This recent action by Citizens was confirmed this week in Miami Florida.
Chinese drywall in a typical Florida house releases sulfur fumes that can eat away at metal within the home and can also create a terrible smell. Many thousands of Florida homeowners have filed large lawsuits and claims against the distributors of Chinese drywall. These claims are starting to raise the loss ratios of many largest homeowners insurance companies in the state.
FLORIDA HOMEOWNERS INSURANCE COMPANIES
In 2010, Citizens homeowners insurance in Florida said, it was going to drop some Florida homeowners due to the issues with Chinese Drywall, but decided the publicity of that wouldn’t be worth the while.
“We are truly seeking, again, a grassroots effort to try and quickly reverse this decision from Citizens,” he said.” Anybody that is a victim of Chinese drywall, or knows someone who is and wants to help, should immediately begin a letter-writing campaign.”
He called on newly elected officials, including Gov. Rick Scott and Sen. Marco Rubio, R-Fla., to take a more public stand on restitution and coverage for Chinese drywall victims.
Citizens' Director of Legislative and External Affairs, Christine Ashburn, said in an e-mailed response for comment that the insurer stands by its position adopted in 2009 when Chinese drywall problems first came to light.
CITIZENS HOMEOWNERS INSURANCE IN FLORIDA
"As we said then, the mere fact that a covered property may have Chinese drywall does not mean that coverage will be cancelled or nonrenewed. Each risk will be evaluated individually and a determination made if the property continues to be insurable."
To learn more about this Florida homeowners insurance situation, please visit the South Florida Business Journal today. Read More Here
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