The Real Deal Miami

Citizens opens up premiums to appraisals

January 24, 2012 11:15AM

Following a public outcry over increasing insurance premiums, state-backed Citizens Property Insurance said it would allow several new options to set premiums, rather than a software-based price, the Palm Beach Post reported. “We believe that providing these options gives our policyholders and agents more confidence in the valuation process while providing policyholders with adequate protection for their homes,” said Citizens President Scott Wallace. Several other price estimating companies, including 360Value, MSB and e2Value, along with licensed appraisals, will now be accepted. “That’s totally a win,” said Sean Shaw, a former state insurance consumer advocate. [Palm Beach Post]