BY LIZA STROUT - Two years ago it was retrofitting openings and installing hurricane shutters. Everyone with a home valued over $750,000 was required to update to Miami-Dade standards to keep their Citizens’ insurance coverage.
This year, Citizens’ Property Insurance, the state’s “insurer of last resort,” has announced that they will not be renewing windstorm policies and multiperil policies that include wind coverage on homes valued over $1 million.
According to Italiano and Citizens’ Insurance, it has been common knowledge that the insurer has been attempting to reduce the number of polices, but the first that anyone, even those in the insurance business, heard of this latest plan was Friday the 13, when a memo went out.