Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, saw its policy count increase by nearly 2,000 last week, reaching over 1.25 million.
This gradual growth comes amidst hurricane season, even as the company aims to reduce its policy count to below 1 million by year-end through a depopulation program.
The shift of policies to the private market is expected to begin in October, after the peak of hurricane season.
Read: Florida Further Reduces Citizens’ Insurance Burden, Approves Additional 15,000 Policy Takeouts
Florida’s Citizens Property Insurance Corporation is a state-created, not-for-profit insurer of last resort. It provides property insurance to eligible Florida property owners who are unable to find coverage in the private market.
Some key points about Citizens:
- Created by the Florida Legislature in 2002: It was established to ensure that property owners in the state have access to insurance, even if private insurers are unwilling to provide coverage.
- “Insurer of last resort”: This means that Citizens is meant to be a safety net, not a primary option for insurance. Policyholders are typically only eligible if they’ve been unable to find coverage elsewhere or if private insurance is significantly more expensive.
- Largest insurer in Florida: Due to recent financial problems in the private market, many homeowners have turned to Citizens, making it the largest property insurer in the state.
- “Depopulation” program: Citizens is actively working to reduce its policy count by shifting policies back to the private market whenever possible.
- Covers various properties: Citizens offers coverage for various types of properties, including personal residences, rental properties, and even mobile homes.
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