The state’s Citizens Property Insurance Corp. added nearly 4,000 policies last week, but it could be poised for a decrease later this month.
Citizens had 1,232,163 policies as of Friday, up from 1,228,438 policies a week earlier, according to data posted on its website.
But seven private insurers have received state approval to assume up to 200,000 policies next week from Citizens under what is known as a “depopulation” program.
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The actual number of policies that will shift to private insurers likely will not be that high, but the overall Citizens policy count is almost certain to drop.
Citizens reached as many as 1.412 million policies in fall 2023 before seeing decreases because of earlier rounds of the depopulation program, which is designed to move customers into the private market.
State leaders want to shrink Citizens, at least in part because of financial risks if major hurricanes hit the state.
Citizens, which was created as an insurer of last resort, became the largest property insurer in Florida during the past three years as private carriers dropped customers and raised rates because of financial problems.
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