The state-backed Citizens Property Insurance Corp. has grown to more than 1.26 million policies, adding thousands of customers a week.
According to the insurer’s website, citizens had 1,260,249 policies as of Friday, up from 1,256,075 policies a week earlier and up from 1,248,090 policies two weeks earlier.
Citizens has seen dramatic growth during the past two years as private property insurers have dropped customers and raised rates because of financial troubles.
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By comparison, Citizens had 569,868 policies on March 31, 2021, and 817,926 policies on March 31, 2022.
Citizens Property Insurance Corporation (Citizens) is a state-created, not-for-profit insurance company providing property insurance to Florida homeowners and businesses. Citizens was created in 2002 after a series of hurricanes caused widespread damage and led many private insurers to leave the Florida market.
Citizens’ rates are typically higher than those of private insurers, but the company offers a variety of discounts to help customers save money. Citizens also offers a number of features and benefits that are not available from private insurers, such as:
- 24/7 customer service
- Claims assistance
- Deductible assistance
- Mitigation assistance
- Disaster preparedness resources
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Citizens is a good option to consider if you live in Florida and are looking for property insurance. The company offers a variety of coverage options and features, and its rates are typically lower than those of private insurers.
Here are some additional details about Citizens Property Insurance Corporation:
- Headquarters: Tallahassee, Florida
- Founded: 2002
- Employees: 2,000+
- Revenue: $2.7 billion (2020)
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