In this explainer

Twenty percent. In Florida, a private takeout offer within twenty percent of a Citizens premium ends Citizens eligibility if it is declined. That rule is at the center of Tower Hill against Citizens.

General information, not professional financial, tax, legal, or insurance advice. The Dreamy Leads Research is an editorial and data team, not a licensed advisor.

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Chapters

  1. 0:00 A private offer within 20% of a Citizens premium ends Citizens eligibility.
  2. 0:15 I. The 20% rule
  3. 0:37 II. Side by side
  4. 1:10 III. Assessments
  5. 1:24 IV. The private side
  6. 1:44 V. Depopulation
  7. 2:03 VI. What moves quotes

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Full transcript

I. The 20% rule

Citizens is Florida's state-backed insurer of last resort. The comparison explains that eligibility is statutory: a household must lack a comparable private offer. New and renewing policyholders must accept private takeout offers within twenty percent of their Citizens premium or lose eligibility.

II. Side by side

In the side-by-side table, Tower Hill is a private Florida insurer operating since nineteen seventy-two, rated by Demotech, and priced at market rate, with a full menu of endorsements. Citizens is often the cheapest quote, because its rate growth is capped by statute, and it uses standardized forms with capped dwelling limits. The catch is assessment risk: none for Tower Hill, while Citizens policyholders can face surcharges.

III. Assessments

After severe storm deficits, the page says Citizens can levy surcharges on its own policyholders first, up to fifteen percent of premium per account, and broader emergency assessments beyond that.

IV. The private side

Tower Hill carries a Demotech A, Exceptional, rating. Since twenty twenty-two its main personal-lines company operates as a reciprocal exchange owned by policyholders, and it offers endorsements such as higher dwelling limits, water backup and screened enclosures.

V. Depopulation

Depopulation is active. Takeout rounds transfer hundreds of thousands of Citizens policies a year, and Tower Hill and other specialists take part. The page adds that the post-reform market is reopening county by county and that takeout offers are accelerating.

VI. What moves quotes

For either company, the page reports that wind-mitigation credits routinely swing Florida quotes more than carrier choice, and that credits and roof age move Tower Hill's quotes most. The full comparison is free at Dreamy Leads Research. What Florida county is your home in, and how many dollars a year is your home insurance premium? Tell us in the comments.

Frequently Asked Questions

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