HomeHome InsuranceThe number of Citizens Property Insurance policies goes down in Florida

The number of Citizens Property Insurance policies goes down in Florida

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Property insurance. by designer481 via iStock for WMNF News.

©2024 The News Service of Florida

Amid continuing efforts to move customers into the private market, the number of policies in the state’s Citizens Property Insurance Corp. decreased last week.

Citizens had about 1.162 million policies Friday, down from 1.18 million policies a week earlier and 1.175 million policies two weeks earlier, according to data posted on the Citizens website.

Six private carriers — Slide Insurance Co., Florida Peninsula Insurance Co., Edison Insurance Co., Southern Oak Insurance Co., American Traditions Insurance Co. and People’s Trust Insurance Co. — received approval from regulators to remove policies last week from Citizens.

That was part of what is known as a Citizens “depopulation” program.

Citizens, which was created as an insurer of last resort, has become the state’s largest property insurer in recent years as private insurers dropped customers and raised rates because of financial problems.

Citizens reached as many as 1.412 million policies in fall 2023 before seeing reductions because of the depopulation program.

State leaders have long sought to move policies from Citizens into the private market, at least in part because of concerns about financial risks if the state gets hit by a major hurricane or multiple hurricanes.

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