The state’s Citizens Property Insurance Corp. topped 1.273 million policies last week, as it added nearly 7,000 customers.
Citizens had 1,273,352 policies as of Friday, up from 1,266,368 a week earlier and 1,260,777 two weeks earlier, according to information posted on its website.
But Citizens could see a large number of policies move to private insurers this week through what is known as a “depopulation” program.
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Seven private insurers have been approved to assume policies from Citizens this week. In November, for example, the depopulation program led to seven private insurers assuming a total of 92,886 policies from Citizens, which had reached as many as 1.412 million policies this fall.
Citizens was created as an insurer of last resort but has become, by far, the largest property insurance in the state during the past three years as private insurers have dropped customers and raised rates because of financial problems.
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