Florida home insurance getting better

Over the last few years, home insurance in Florida has become either unaffordable or difficult to get at all. This is why the state of Florida created Citizens Property Insurance Corp in 2002, which they call the state's insurer of last resort.

Recently, the Florida Office of Insurance Regulation announced that it is allowing four companies to take over 173,000 policies from the state's insurer. The private insurers will be offering rates that are lower than Citizens' current rates.

Consumers will be notified beginning Nov. 7 and give customers option of declining and keeping their Citizens' policies. From 2003 to 2006 Florida has returned nearly half a million policyholders to private insurers.

The four insurers participating in this take over are American Integrity Insurance Company, Landmark One Insurance Company, First Home Insurance Company, and Argus Fire and Casualty Insurance Company.

The good news is private insurers believe they can be profitable in Florida and consumers can get lower rates.