Continuing to add thousands of customers a week, the state-backed Citizens Property Insurance Corp. has topped 1.29 million policies.
Citizens totaled 1,292,191 policies as of Friday, up from 1,284,368 policies a week earlier and 1,277,732 policies two weeks earlier, according to information posted on its website.
Citizens, created as an insurer of ‘last resort,’ has seen dramatic growth during the past two years as private property insurers have dropped customers and raised rates because of financial troubles.
By comparison, Citizens totaled 589,041 policies on April 30, 2021, and 851,006 policies on April 30, 2022.
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Citizens is a nonprofit organization, and its rates are generally lower than those of private insurers. However, Citizens has been criticized for its slow claims processing and high rates for some types of coverage, such as flood insurance.
If you are a homeowner in Florida, you may be eligible for Citizens insurance. To find out if you are eligible, you can visit the Citizens website or call the company’s customer service line.
Here are some of the pros and cons of Citizens insurance:
Pros:
- Lower rates than private insurers
- Variety of coverage options
- Discounts available
- Nonprofit organization
Cons:
- Slow claims processing
- High rates for some types of coverage
- May not be available in all areas
If you are considering Citizens insurance, it is important to weigh the pros and cons carefully. You should also compare rates from Citizens to other insurers to make sure you are getting the best possible deal.
Here are some additional things to keep in mind about Citizens insurance:
- Citizens is a state-run insurer, which means that it is subject to state regulations. This can be both a pro and a con. On the one hand, state regulations can help to ensure that Citizens is financially stable and that it provides quality service to its customers. On the other hand, state regulations can also make it more difficult for Citizens to innovate and offer new products and services.
- Citizens is the largest property insurer in Florida, which means that it has a lot of experience in handling claims. However, it also means that Citizens may be overwhelmed by the volume of claims that it receives after a major hurricane or other disaster. This can lead to delays in claims processing.
- Citizens offers a variety of discounts, which can help you to save money on your insurance premiums. However, you may not be eligible for all of the discounts, so it is important to check with Citizens to see which discounts you qualify for.
If you are a homeowner in Florida, it is important to understand the pros and cons of Citizens insurance before you decide whether or not to purchase a policy.
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