PORT RICHEY, Fla. — Now that the 2024 Hurricane Season is over, tens of thousands of Citizens Property Insurance policyholders are getting take-out offers as the state insurer of last resort continues to reduce its policy count, with more than 428,000 policies moved off Citizens’ books in 2024.

It happens through what Citizens calls the ‘depopulation process’, which allows insurance companies to cherry-pick Citizens policies and make an offer to the homeowner. If that offer is within 20% of the current rate the homeowner is paying, then the homeowner is no longer eligible with Citizens.”

The success of the process proven in late November, when Citizens policy count dropped to below 1 million policies in November, a major milestone as explained by Citizens’ CEO Tim Cerio.

“That is huge. There’s never been a year like this,” Cerio said. “Again, it indicates that the reforms the legislature passed is working.”

However, not everyone is happy with the take-out process. Over the year, several homeowners have emailed ABC Action News Anchor Nadeen Yanes frustrated and fearful the increases will price them out of their homes.

“Citizens’s renewal fee for the year was $1,356, and the new company is $1,600+, but we are told that is within the 20% mark of the Citizens renewal fee. That may be the case for this year, but next year, who knows what the renewal fee will be,” wrote Port Richey resident Holly Wilke. “We are retired, and my husband is a 100% disabled veteran, and our house payments will increase for certain. The only question is, will it increase so much we lose our home? We don’t believe any of the politicians want to help with this crisis!”

We took Wilke’s concerns back to Cerio.

“It’s so difficult. I mean your heart goes out to folks that are facing hardship, nobody wants their rates to go up,” Cerio added. “But because of the way that Florida Statutes reads and the rates that we’ve been given, they’re paying a lower rate than they would be in the private market. And so as the market recovers and comes in, folks are taken out. You don’t want a government-created insurer competing with the private market.”

There will be another round of take-outs happening on Dec. 17,with five companies: American Integrity, Florida Peninsula, Slide Insurance, Manatee Insurance and Trident all assuming Citizens policies.

Citizens Property Insurance has resources and a new 5-part video series explaining your options and what to do if you receive one of those take-out offers, which are expected to continue through 2025.