With troubles continuing in the homeowners’ insurance market, the state-backed Citizens Property Insurance Corp. added about 7,000 policies last week.
Citizens, which was created as an insurer of last resort, had 1,020,202 policies as of Friday, up from 1,013,147 policies a week earlier, according to the Citizens website.
With private insurers shedding policies to reduce financial risks and, in some cases, going insolvent, Citizens has more than doubled in size over the past two years.
As illustrations, Citizens had 499,056 policies on Aug. 31, 2020, and 687,079 policies on Aug. 31, 2021, according to data posted on its website.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.