We hope this email finds you well. If you own a home and have a Citizens insurance policy, we have some critical news to share with you. Please take a moment to read this important update.

Mandatory Flood Insurance Requirement Effective immediately, Citizens Insurance policyholders will be required to have flood insurance on their properties, regardless of their flood zone status. This requirement will be phased in over the next several years, beginning on January 1st, 2024, as follows:

  • January 1st, 2024, for policies insuring property valued at $600,000 or more
  • January 1st, 2025, for policies insuring property valued at $500,000 or more
  • January 1st, 2026, for policies insuring property valued at $400,000 or more
  • January 1st, 2027, for all other policies

What Does This Mean for You?

To maintain your Citizens Insurance policy, you will need to add a flood insurance policy to your coverage. It’s important to note that the “Key Word” for determining the coverage amount is your home’s Dwelling Coverage, which can be found on your homeowners policy. This amount is typically less than the actual market or appraised value of your property.

Consider Private Insurance Options

You will also have the option to explore private insurance carriers for flood coverage. This could be an opportunity to tailor your coverage to your specific needs and potentially find more competitive rates.

The Benefits of Flood Insurance

It’s worth mentioning that having flood insurance coverage is a wise decision, even if your property is not in a designated flood zone. Floods can occur unexpectedly, and this coverage can provide you with peace of mind.

Spread the Word

Please feel free to share this important information with your friends and neighbors who may also have Citizens Insurance policies. It’s important that everyone is aware of these changes.

Your Trusted Real Estate Team

As always, if you have any questions or if you need assistance with your real estate needs, remember that the Pinellas Homes and Beaches Team is here for you. We are dedicated to serving our community and ensuring that you have the best information and support for all your real estate endeavors.

If you have any questions or need further assistance, please don’t hesitate to reach out to us.

Thank you for being a valued member of our community, and we appreciate your trust in us.