Citizens Property Insurance Corporation, Florida’s largest property insurer, has surpassed 1.2 million policies in force. This surge comes as private insurers continue to pull back from the market.
Citizens’ website shows a steady increase in recent weeks, reaching 1,211,914 policies as of Friday. This follows 1,207,292 policies a week earlier and 1,202,696 two weeks prior.
Originally established as a last resort for homeowners, Citizens has become the state’s leading insurer. This shift stems from private companies dropping policies and raising rates due to financial difficulties.
While Citizens reached a peak of 1.412 million policies in late 2023, a “depopulation” program aimed at transferring policies back to the private market caused a decrease.
State officials have historically sought to limit Citizens’ policy count, partly due to financial concerns in the event of a major hurricane season. With hurricane season underway since June 1st, Citizens anticipates minimal policy movement to private carriers in the coming months.
However, Citizens President and CEO Tim Cerio recently indicated new estimates project the company might fall below 1 million policies by year’s end.
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