The number of Citizens Property Insurance policies goes down in Florida

Share
homeowner's insurance
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.

Leave a Reply

  • (will not be published)

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

You may also like

Here are some (mostly) free summer youth programs in St. Petersburg

According to a press release from City of St. Petersburg,...

Talking Animals: Founder of Bear Warriors United discusses the proposed bear hunt and how Floridians can offer their comments on it

Katrina Shadix--founder and executive director of Bear Warriors United recalls...

Richard Corcoran
New College alumni group ‘appalled’ at recent school controversies

Listen: New College of Florida, the small Sarasota school that...

The Scoop: Fri. May 23, 2025, Tampa Bay and Florida headlines by WMNF

WMNF headlines including hurricane season, Tampa protests, Pine Island Preserve...

Ways to listen

WMNF is listener-supported. That means we don't advertise like a commercial station, and we're not part of a university.

Ways to support

WMNF volunteers have fun providing a variety of needed services to keep your community radio station alive and kickin'.

The Righteous Rockers Experience
The Righteous Rockers Experience