Fannie Mae and Freddie Mac to temporarily accept Citizens-backed property policies

Dec 9, 2022

If you reside in Florida, you’re probably extremely aware of Florida’s insurance crisis. From sky-high premiums to insurance carriers dropping homeowners, there’s been no shortage of frustration, stress, and confusion. According to the Insurance Journal, Fannie Mae and Freddie Mac–federally backed home mortgage companies created by the United States Congress–have now agreed to “accept an innovative but temporary solution to Florida’s property insurer rating predicament.”

On Wednesday, the companies sent letters to primary mortgage lenders, notifying them that “they had studied and approved a Florida plan to utilize the state-created Citizens Property Insurance Corp. as a type of reinsurance backstop for struggling insurers, at least through May 31, 2023.”

Learn more here.

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If you have experienced an insurance loss from a hurricane, tropical storm or other major weather event, don’t be surprised if the insurance company’s first reaction is to claim that your damage is due to some pre-existing condition or assert that your claim is not covered under the terms of your policy or even cancel your policy based on recently-discovered “errors” in your application.

But don’t worry, experienced and aggressive attorneys from ILG are on your side and will advocate on your behalf to see that you get the benefits you are entitled to. At ILG, we take the time to analyze and interpret your policy and understand the full measure of damages available to you. We work with construction experts, restoration professionals and others to determine the facts.

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We are a client-focused law firm that fights aggressively on behalf of residential and commercial policyholders, contractors, restoration and mitigation companies, to produce maximum recovery results from insurance companies through our unique expertise, deep understanding of insurance law, cutting edge technology and proactive approach to litigation.

Insurance Litigation Group serves clients across the state of Florida. With over 7 offices statewide, our attorneys have the knowledge, skills and experience to resolve your dispute against the insurance company. 

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